Credit $ Debit 3,600 13,200 31,800 6,500 42,400 14,100 9,400 Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Notes Payable, long-term Munro, Capital Munro, Withdrawals Sales Revenue Cost of Goods Sold Selling Expense Administrative Expense Interest Expense 500 7,700 24,950 45,500 237,000 106,650 26,800 14,900 2,300 $ 293,650 $ 293,650 Total Discount Business Systems uses a perpetual inventory system. The adjusted trial balance of Discount Business Systems at March 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Journalize the required closing entries at March 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Do not close expenses or contra-revenue accounts; we will do this in the next step. Date Accounts and Explanation Debit Credit Mar. 31 Clos. (1) Debit Credit Close expenses and other temporary accounts for the period. Date Accounts and Explanation Mar. 31 Clos. (2) Close Income Summary. Accounts and Explanation Debit Credit Date Mar. 31 Clos. (3) Close withdrawals. Date Accounts and Explanation Debit Credit Mar. 31 Clos. (4) 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(2)", 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) line of the account. Review the closing journal entries you prepared above. Munro, Withdrawals Munro, Capital Income Summary Adj. Bal. 45,500 24,950 Adj. Bal. Bal. Requirement 3. How much was Discount's net income or net loss? Discount had a net of