This document presents a comprehensive solution to a closing entries assignment within the context of the Ball-Mart, Australasian Edition, manual accounting practice set. The solution includes the recording of closing entries in the general journal, posting these entries to the general ledger accounts, and accurately recording the final closing balance in each ledger. The process involves closing revenue, expense, and inventory accounts to the Profit and Loss Summary account, followed by transferring the balance of the Profit and Loss Summary to Retained Earnings. Specific journal entries and ledger postings are provided for accounts such as Inventory, Retained Earnings, Profit and Loss Summary, Sales Revenue, Sales Returns and Allowances, Discount Received, Interest Revenue, Purchases, Purchase Returns and Allowances, and various expense accounts, ensuring a complete and accurate closing of the accounting period. The completed general journal and general ledger accounts are shown with the post-closing balances.
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