Discount Business Systems Adjusted Trial Balance March 31, 2018 Balance Account Title Debit Credit Cash 3,600 Accounts Receivable 13,500 Merchandise Inventory 31.900 Office Supplies 7.000 Equipment 42,100 Accumulated Depreciation-Equipment 13.600 Accounts Payable 9.700 Salaries Payable 1.000 Notes Payable, long-term 7.900 Common Stock 10,000 Retained Earnings 11.050 Dividends 43,000 20 non Caloc Ravenna 13,500 31,900 7,000 42,100 vun Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Selling Expense Administrative Expense Interest Expense 13,600 9,700 1,000 7,900 10.000 11,050 43,000 239,000 107 550 26.900 14.300 2.400 292,250 S 292,250 Total 1. Journalize the required closing entries at March 31, 2018. 2. The following T-accounts have been set up: Income Summary: Retained Earnings: and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances. 3. How much was Discount's net income or net loss? 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) Close expenses and other temporary accounts for the period. Date Accounts and Explanation Debit Credit Mar 31 Clos (2) Choose from any list or enter any number in the input fields and then continue to the next question Close Income Summary. Date Accounts and Explanation Debit Credit Mar. 31 Clos. (3) Close Dividends. Date Accounts and Explanation Debit Credit Mar. 31 Clos. (4) Requirement. The following accounts have been set income Summary R ed Earrings and ends Post thei Use Clos and the corresponding number as shown in the many as posting references ( los Q7 The the nomade of the account for com uma calculate and enter the balance reporting the entry to and then showpol closing Dance on the last o ne of the account r to the Ta n daletter ending blocs usted balance of account has been red for you. For any o t h the court Pottery close income out on the refere er balance after one nce produi re on Requirement 3. How much was Discount's net income or net loss? Discount had a net of 5