How to answer the following questions?

1 6. Closing Entries Jeff Boulton GeneralJoumal Date 2003 Particulars P.R. Debi Credit 2 Closing Entries Mar 31 Sales Revenue 401 28.950.00 51 Income Summary 310 28,950.00 4 6 S 31 Income Summary 310 30.636.63 16 Sales Returns 402 1.380.00 7 Sales Discounts 403 557 18 8 Cost of Goods Sold 501 12 182.00 9 11 Advertising Expense 601 1.069.20 10 Bad Debt Expense 605 $40.26 11 Car Expense 610 479.60 12 Dep. Expense - Furniture 615 1.649.12 13 Dep. Expense - Equipment 616 969.84 14 Dep. Expense - Truck 621 125.49 15 Freight-out 625 690.00 16 Insurance Expense 630 1. 108 33 17 Interest Expense 635 693.00 18 Inventory Shortage 640 940.00 19 Loss on Sale of Assets 645 3.123 50 19 Maintenance Expense 650 1,436.40 20 Miscellaneous Expense 65S 464.40 21 Rent Expense 670 358 33 22 Supplies Expense 675 Utilities Expense 120.00 23 680 1.750.00 24 25 31 J. Boulton, Capital 301 1,686.63 26 Income Summary 310 1,686.63 27 28 31 J. Boulion, Capital 301 2760.00 29 J. Boulton, Drawings Answer the questions below.~ 305 2.760.00 30 Are these the closing entries of a Periodic or Perpetual merchandise business? Explain.~ Explain. ii If these were the closing entries for the other type of merchandise business, how would they be different? ili Has this company made a profit or a loss? Explain how you know from the THIRD closing entry only! Use appropriate accounting terminology