The trial balance of Westmeadow Weightlifting contains the following account balances at 30 June.

	Debit			Credit
Inventory Walter Westmeadow, Drawings Sales Sales returns and allowances Discount allowed Cost of sales Freight inwards Discount received Selling and distribution expenses Administrative expenses Other finance expenses	$	153 470 93 540 43 740 7 740 1528 960 27 480 388 150 233 411 44 440		$	2389 720 5 360

Required

Prepare the closing entries under the perpetual inventory system.