The following information is taken from the trial balance of Petra’s Pedicure Parlour.

	Debit		Credit
Inventory, 1 July 2016 Petra Portillo, Drawings Sales Sales returns and allowances Discount allowed Purchases Purchases returns and allowances Discount received Freight inwards Selling and distribution expenses Administrative expenses	$	24 290 20 600 4520 1820 218 380 3510 69 060 56 550	$	360 520 1580 1390

Required

Given that the cost of the inventory on 30 June 2017 is $25 300, prepare the closing entries on 30 June 2017.