The March 31, 2008, adjusted trial balance of Success Systems (reflecting its transactions from October 2007 through March of 2008) follows. The March 31, 2008, amount of merchandise available totals \($680\). For simplicity, we ignore payroll taxes and sales taxes in this problem.

Required
1. Record the necessary closing entries at March 31, 2008.
2. Prepare a single-step income statement for the three months ended March 31, 2008.
3. Prepare a statement of owner’s equity for the three months ended March 31, 2008.
4. Prepare a classified balance sheet as of March 31, 2008.

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No. Account Title Debit Credit 101 Cash $ 87,266 106.1 Alex's Engineering Co. 0 106.2 Wildcat Services 3,900 106.3 Easy Leasing 11,000 106.4 Clark Co. 4,800 106.5 Chang Corporation 0 106.6 Gomez Co. 0 106.7 Delta Co. 0 106.8 KC. Inc. 4,700 106.9 119 126 Dream, Inc. Merchandise inventory Computer supplies 0 0 1,950 128 Prepaid insurance 1,200 131 Prepaid rent 875 163 Office equipment 10,000 164 Accumulated depreciation Office equipment $ 1.250 167 Computer equipment 25,000 168 Accumulated depreciation-Computer equip. 2,500 201 Accounts payable 0 210 Wages payable 1,050 236 Unearned computer services revenue 0 301 A. Lopez, Capital 127,435 302 A. Lopez, Withdrawals 5.200 403 Computer services revenue 31,850 20,900 413 Sales 4141 Sales returns and allow. 500 55 415 Sales discounts 505 Purchases 15,200 506 Purchase returns and allowances. 496 507 Purchase discounts 152 508 Transportation-in 400