Eul Homework: MyLab Ch. 05 Homework Question 5, E5-23 (similar to) Part 1 of 6 HW Score: 54.18%, 5.42 of 10 points O Points: 0 of 2 Save Budget Office Systems uses a perpetual inventory system. The adjusted trial balance of Budget Office Systems at March 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Read the tequirements sale st of 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. OSS n Date perat Mar. 31 elling Clos (1) amini Total op Operati Other Interest Accounts and Explanation Debit Credit Budget Office Systems Adjusted Trial Balance March 31, 2018 Balance Account Title Debit Credit Cash Accounts Receivable $ 69 2,800 13.900 Merchandise Inventory 32,100 Office Supplies 7,100 Equipment 42.700 Accumulated Depreciation-Equipment 14.100 Accounts Payable 9.000 Salaries Payable 500 Accumulated Depreciation-Equipment 14,100 Accounts Payable Salaries Payable Notes Payable, long-term Common Stock 9,000 500 7,600 10,000 Retained Earnings Dividends 14,950 42,500 Sales Revenue 233,000 Cost of Goods Sold 104,850 Selling Expense 26.700 Administrative Expense 14.300 Interest Expense 2,200 Total 289,150 S 289,150 Homew Homew Accounts Payable et Office Sy Click the icc the require Accounts Receivable Accumulated Depreciation-Equipment Administrative Expense Cash quirement 1. Common Stock ry table.) art by closing r Cost of Goods Sold Date ar. 31 Dividends los (1) E5 b) of ance ord del e will d D mew Equipment mew Income Summary Office Sy Interest Expense k the icc Merchandise Inventory e require Notes Payable, long-term Office Supplies E5 5) of 6 ance ng r Retained Earnings Salaries Payable Sales Revenue Selling Expense ord e w 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 Budget's net income or net loss