LO4 16 Closing process A partial adjusted trial balance for Sebastian Empanadas is shown as follows: Sebastian Empanadas Partial adjusted trial balance 30 June Debit Credit $17 150 30500 $ 1200 10750 Retained Earnings Sales Revenue Advertising Expense Depreciation Expense Interest Expense Salaries Expense Supplies Expense Utilities Expense Dividends 560 5000 2500 2080 1000 REQUIRED a Prepare Sebastian Empanadas' income statement and statement of retained earnings for the month of June. b Prepare the appropriate closing entries at 30 June. What is the purpose of 'closing the books' at the end of an accounting period