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The following represents the adjusted trial balance of Rodney Lonsdale Dentist as at 30^th June 2022.

Rodney Lonsdale Dentist
Trial Balance
As at 30th June 2022
	Debit $	Credit $
Cash at Bank	24,100
Accounts Receivable	16,600
Dental Supplies	5,700
Prepaid Advertising	8,000
Dental Equipment	82,000
Accumulated Depreciation - Dental Equipment		26,900
Accounts Payable		7,400
Electricity Payable		5,200
Wages Payable		6,400
Revenue received in advance		9,100
BNA Bank loan		15,000
Capital R. Lonsdale		57,000
Drawings R. Lonsdale	12,200
Dental Fee Revenue		64,000
Interest Revenue		7,300
Electricity Expense	10,400
Interest Expense	15,100
Depreciation Expense Dental Equipment	12,900
Wages Expense	11,300
Total	198,300	198,300

Required:

a) Prepare the closing journal entries for Rodney Lonsdale Dentist as at 30^th June 2022. Narrations ARE NOT required. (12 marks)

b) Prepare the T-account for Rodney Lonsdales Capital account to calculate the closing balance to be included in the Statement of Financial Position as at 30^th June 2022. (4 marks)

c) Discuss the purpose of closing journal entries. Include an explanation of which accounting concept is aligned with closing entries and the purpose of the concept. (4 marks) (Word limit: at least 50 words)

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