Business Markdown Systems uses a perpetual inventory system. The adjusted trial balance of Business Markdown Systems at March 31, 2024, follows (Click the icon to view the adjusted trial balance) Read the requirements To close withdrawals Requirement 2. The following T-accounts have been set up: Income Summary, Munro, Capital and Munro, Withdrawals. Post the closing entries to the T-accounts, and calculate their ending balances Use "Clos" and the corresponding number as shown in the journal entry as posting references-Clos (1, "Clos (27, etc. The adjusted balance of each account has been entered for you. For any accounts with a zero balance after closing, enter a "0" on the normal side of the account For Income Summary, calculate and enter the balance (Bal) before posting the entry to close out the account. Post the entry to close Income Summary account on the line after the balance prior to closing the third line) and then show the post-closing balance (Bal) on the last (fourth) one of the account Review the closing journal entries you prepared above Munro. Withdrawals Munro, Capital All But 30,000 Clos (2) 151,150 Income Summary 237.000 Clos (1) 85.850 Bal 39.000 Clos Clos (4) 20.300 Ada 85.850 Clos (3) 0 Bal 30.000 Bal B Requirement 3. How much was Business's net income or net loss? Business had a ne income 85.850 Business Markdown Systems uses a perpetual inventory system. The adjusted trial balance of Business Markdown Systems at March 31, 2024, follows (Click the icon to view the adjusted trial balance) Read the requirements To close withdrawals Requirement 2. The following T-accounts have been set up: Income Summary, Munro, Capital and Munro, Withdrawals. Post the closing entries to the T-accounts, and calculate their ending balances Use "Clos" and the corresponding number as shown in the journal entry as posting references-Clos (1, "Clos (27, etc. The adjusted balance of each account has been entered for you. For any accounts with a zero balance after closing, enter a "0" on the normal side of the account For Income Summary, calculate and enter the balance (Bal) before posting the entry to close out the account. Post the entry to close Income Summary account on the line after the balance prior to closing the third line) and then show the post-closing balance (Bal) on the last (fourth) one of the account Review the closing journal entries you prepared above Munro. Withdrawals Munro, Capital All But 30,000 Clos (2) 151,150 Income Summary 237.000 Clos (1) 85.850 Bal 39.000 Clos Clos (4) 20.300 Ada 85.850 Clos (3) 0 Bal 30.000 Bal B Requirement 3. How much was Business's net income or net loss? Business had a ne income 85.850
