Q5

m... Requirements 1. Journalize the required closing entries at March 31, 2024. 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? Budget Business Systems uses a perpetual inventory system. The adjusted trial balance of Budget Business Systems at March 31, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Journalize the required closing entries at March 31, 2024. (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