1. Journalize the required closing entries at March 31, 2018.
2. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances.
3. How much was Quality Office's net income or net loss?
The adjusted trial balance of Quality Office Systems at March 31, 2018, follows:

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QUALITY OFFICE SYSTEMS Adjusted Trial Balance March 31, 2018 Balance Debit Account Title Credit $ 3,700 Cash 13,300 Accounts Receivable Merchandise Inventory 31,500 Office Supplies 6,300 Equipment 42,900 $ 13,900 Accumulated Depreciation-Equipment Accounts Payable 9,200 Salaries Payable 800 Notes Payable, long-term 8,600 Common Stock 18,000 Retained Earnings 4,950 Dividends 41,500 Sales Revenue 235,700 Cost of Goods Sold 107,550 Selling Expense 27,400 Administrative Expense 14,200 Interest Expense 2,800 $ 291,150 $ 291,150 Total