Journalize the required closing entries at March 31, 2018.

the following t-accounts have been set up: income summary; Morris, capital; and Morris, withdrawals. Post the closing entries to the T-accounts, and calculate their ending balances. How much was businesses net income or net loss

Business Markdown Systems uses a perpetual inventory system. The adjusted trial balance of Business Markdown Systems at March 31, 2018, folows: (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 dose expenses or contra-revenue accounts we will do this in the next step Date Accounts and Explanation Debit Credit Mar 31 Clos (1 Close expenses and other temporary accounts for period Date Accounts and Explanation Debit Credli Choose from any list or enter any number in the input fields and then continue to the next question Type here to search o . Data Table -X entory system. TB tries at March 31 y table.) or contra-revenue Explanation Business Markdown Systems Adjusted Trial Balance March 31, 2018 Balance Account Title Debit Credit Cash $ 2,600 Accounts Receivable 13,100 Merchandise Inventory 32,000 Office Supplies 6,600 Equipment 42.100 Accumulated Depreciation-Equipment 13,600 Accounts Payable 9,600 Salaries Payable 1,100 or the period A d Explanation the input fields and Print Done -X Data Table ystem.TH 42,100 $ March 31 y table.) a-revenue 13,600 9,600 1,100 8,200 21,300 ation Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Notes Payable, long-term Morris, Capital Morris, Withdrawals Sales Revenue Cost of Goods Sold Selling Expense Administrative Expense Interest Expense 41,000 232.000 104,400 26.700 15.100 2.200 briod nation S 285,800 $ 285,800 Total fields and Print Done tem. The adjusted trial balance of Business Markdown Systems at March 31, 2018, follows: arch 31, Requirements - X try table.) evenue on 1. Journalize the required closing entries at March 31, 2018. 2. The following T-accounts have been set up: Income Summary, Morris, Capital; and Morris, Withdrawals. Post the closing entries to the T-accounts, and calculate their ending balances. 3. How much was Business's net income or net loss? Print Done con Debit Credit Ids and then continue to the next