alizing closing entries- periodic inventory system ESB-32 J ife Boat Supply uses the periodic invento ry method. The adjusted trial balance of oxean Life Bou Supply at D)eember 31,301, olloshe of Occan OCEAN LIFE BOAT SUPPLY Adjusted Trial Balance December 31, 2018 2. Ending Capnal Balar Account Title Debit Credit $ 4,200 15,100 44,500 8,300 59,300 Accounts Receivable Merchandise Inventory (beginning) Office Supplies Equipment Accumulated Depreciation--Equipment Accounts Payable Salaries Payable Notes Payable, long-term ver, Capital ver, Withdrawals Sales Revenue Interest Revenue Purchases Purchase Returns and Allowances Purchase Discounts S 19,800 1,600 11,100 59,100 60,600 15,800 3,400 274,500 94,600 Administrative Expense Total 38,600 21,900 527,000 $527,000 Requirements 1. Journalize the required closing entries at December 31, 2018. Assume ending Merchandise Inventory is $54,300. 2 Set up T-accounts for Income Summary; Iver, Capital; and Iver, Withdravals Post the closing entries to the T-accounts, and calculate their ending balances 3. How much was Ocean Life's net income or net loss