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Homework: Chapter 5 Score: 0 of 10 pts 3 of 6 (4 complete) E5-23 (similar to) Budget Office Systems uses a perpetual inventory system. The

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Homework: Chapter 5 Score: 0 of 10 pts 3 of 6 (4 complete) E5-23 (similar to) 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 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 Accounts and Explanation Debit Credit Mar 31 Date Clos (1) Choose from any list or enter any number in the input fields and then click Check Answer 5 parts remaining Clear All 3 of 6 (4 complete) i Data Table Budget Office Systems Adjusted Trial Balance March 31, 2018 Balance Account Title Debit Credit Cash 3,800 Accounts Receivable 13,200 Merchandise Inventory 31,600 Office Supplies 6.600 Equipment 42,200 Accumulated Depreciation-Equipment Accounts Payable 9,600 Salaries Payable 550 13.700 Hann nokia I. Print Done 3 of 6 (4 complete) Data Table ed 13,700 9,600 2018 550 -cco 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 7,400 15,000 8,250 44,000 238,000 107.100 26,700 14.900 2.400 Interest Expense 292,500 $ 292,500 Total nen Print Done 3 of 6 (4 complete) djusted trial balance of Budget Office Systems at March 31, 2018, follows: 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry ue A Requirements 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? Print Done and then click Check Answer Clear All

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