Ocean Breeze Boat Supply uses the periodic inventory method. The adjusted trial balance of Ocean Breeze Boat S $($Click the icon to view the adjusted trial balance.$)$

Read the requirements.

Requirement $1.$ Journalize the required closing entries at December $31,2024.$ Assume ending Merchandise Invent the last line of the journal entry table.$)$

Start by closing revenues and other credit accounts for the period.

Requirements

Journalize the required closing entries at December $31,2024.$ Assume ending Merchandise Imventory is $$53,500$ and Estimated Returns Imventory is $$1,100.$

T$-$accounts for Income Summary; Retained Earnings, and Dividends have been set up$.$ Post the closing entries to the T$-$accounts, and calculate their ending balances.

How much was Ocean Breeze's net income or net loss?

Data table

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