The trial balance and adjustments columns of the worksheet of Budget Business Systems at March 31, 2012, follow:

Requirements
1. Compute the adjusted balance for each account that must be closed.
2. Journalize the required closing entries at March 31, 2012.
3. How much was Budget€™s net income or netloss?

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BUDGET BUSINESS SYSTEMS Worksheet Year Ended March 31, 2012 Trial Balance Debit Credit Debit Credit 2,400 Adjustments Account Cash Accounts receivable Inventory Supplies Equipment Accumulated depreciation Accounts payable Salary payable Note payable, long-term Bitzes, capit Bitzes, drawing Sales revenue Sales discounts Cost of goods sold Selling expense 8,900 36,500 13,700 42,500 (a)S 2,500 (b)$ 4,800 (c) 7,300 (d) 2,300 (e) 1,000 s 11,600 9,200 7,900 34,000 43,000 232,000 (a) 2,500 2.500 111,500 21,100 (b) 4,800 (c) 5,100 (e) 1,000 (c) 2,200 (d) 2,300 General expense 10,300 Interest expense 2,300 Total $294,700 S294,700 17,900$17,900