Discount Office Systems uses a perpetual inventory system. The adjusted trial balance of Discount Office Systems at March 31, 2016, follows: (Click the icon to view the adjusted trial balance.) Requirements 1. Journalize the required closing entries at March 31, 2016. 2. The following T-accounts have been set up: Income Summary: Bart, Capital: and Bart, Withdrawals. Post the closing entries to the T-accounts, and calculate their ending balances. 3. How much was Discount Office's net income or net loss? Requirement 1. Journalize the required closing entries at March 31, 2016, (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Date Mar. 31 Clos. (1) Accounts and Explanation Close expenses and any contra-revenue accounts for the period Date Mar. 31 Clos. (2) Close Income Summary Date Mar 31 Clos. (3) Close Owners Withdrawal's Date Mar 31 Clos (4) Accounts and Explanation Debit Credit Debit Credit Accounts and Explanation Debit Credit Accounts and Explanation Debit Credit Requirement 2. The following T-accounts have been set up: Income Summary: Bart, Capital and Bart, 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. Bart, Withdrawals Bart, Capital Income Summary Adj. Bal. 45,500 30,750 Adj. Bal. Requirement 3. How much was Discount Office's net income or net loss? Discount had a net of $ Bal. Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Discount Office Systems Adjusted Trial Balance March 31, 2016 Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Notes Payable, long-term Bart, Capital Bart, Withdrawals Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total Balance Debit Credit $ 3,200 13,600 31,500 7,100 42,600 $ 13,800 9,100 850 8,300 30,750 45,500 232,000 700 1,700 104,400 27,000 14,700 2,800 $ 294,800 $ 294,800