1
Journalize the required closing entries at March 31, 2013.
2
Set up T-accounts for Income Summary; Bitzes, Capital; and Bitzes, Withdrawals. Post the closing entries to the T-accounts and calculate their ending balances.
3
How much was Budgets net income or net loss?
The adjusted trial balance of Budget Business Systems at March 31, 2015, follows:

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BUDGET BUSINESS SYSTEMS Adjusted Trial Balance March 31, 2015 Balance Debit Credit Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Acumulated Depreciation-Equipment Accounts Payable Salaries Payable Notes Payable, long-term Bitzes, Capital Bitzes, Withdrawals Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total 5 2,400 11.400 31,700 6,400 42,500 13,900 9,200 1,000 7,900 34,000 43,000 234.500 1,000 1,500 116,300 27,200 14,800 2,300 5 300,500 S300se