1. Journalize the required closing entries at March 31, 2024.
2. Set up T-accounts for Income Summary; Mumford, Capital; and Mumford, Withdrawals. 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, 2024, follows:

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Account Title Cash QUALITY OFFICE SYSTEMS Adjusted Trial Balance March 31, 2024 Accounts Receivable Merchandise Inventory Estimated Returns Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Refunds Payable Salaries Payable Notes Payable, long-term Mumford, Capital Mumford, Withdrawals Sales Revenue Sales Discounts Forfeited Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total Balance Debit $ 2,300 13,500 30,200 1,000 7,100 42,300 42,000 94,400 27,300 15,100 2,900 $ 278,100 Credit $ 13,200 6,600 2,300 500 7,700 11,800 235,500 500 $ 278,100