E5-23

Use the folowing information to ansuwer Execie E5-2 hrough ES-24 The adjuscd tril blue o dge sines Syscs at Mach 1,205,6lows BUDGET BUSINESS SYSTEMS Adjusted Trial Balance March 31, 2015 Balance Account Title Debit Credit S 2.400 Cash Accounts Receivable 11,400 Merchandie Inentory 31,700 Office uplies 6,400 Equipment 42,500 $ 13,.900 AccumuJated Depreciaion-Equipment Accounts Payeble 9.200 Salaries Payable 1,000 Notes Payable, long-term 7.900 Bizes Capta 34.000 Bitzes,Withdrawals 43,000 234 500 Sales Revenue Sales Returns and Alowances 1,000 Sales Dicounts 1,500 Cost of Goods Sold 116,300 Selig Epense 27,200 Admiisrative Experse 14,800 nterest Expense 2.300 $ 300,500 $300,500 Total ES-22 Journalizing closing entries Requirements 1. Journalize the required closing entrics at March 31, 2015. 2. Set up T-accounts for Income Summary; Bitzes, Capital; and Bitzes, Withdrawals. Post the closing cntrics to the T-accounts and calculate their ending balances. 3. How much was Budget's net income or net loss? E5-23 Preparing a single-step income statement Prepare Budget's single-step income statement for the year ended March 31, 2015 ES-24 Preparing a multi-step income statement Prepare Budget's multi-step income statement for the year ended March 31, 2015