Quality Office Systems Adjusted Trial Balance March 31, 2024 Balance Account Title Debit Credit Cash 2,300 Accounts Receivable 13,500 Merchandise Inventory 30,200 Estimated Returns Inventory 1,000 Office Supplies 7,100 Equipment 42,300 Accumulated Depreciation-Equipment $ 13,200 Accounts Payable 6,600 Refunds Payable 2,300 Salaries Payable 500 Notes Payable, long-term 7,700 Mumford, Capital 11,800 Mumford, Withdrawals 42,000 Sales Revenue 235,500 Sales Discounts Forfeited 500 Cost of Goods Sold 94,400 Selling Expense 27,300 Administrative Expense 15,100 Interest Expense 2,900 $ 278,100 $ 278,100 Total Quality Office Systems uses a perpetual inventory system. The adjusted trial balance of Quality Office 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. Date Accounts and Explanation Debit Credit 235,500 Mar. 31 Clos. (1) Sales Revenue Sales Discounts Forfeited Income Summary 500 236.000 Requirements To close revenues. Close expenses and other temporary accounts for the period. 1. Joumalize the required closing entries at March 31, 2024. 2. The following T-accounts have been set up: Income Summary: Mumford, Capital; and Mumford, Withdrawals. Post the closing entries to the T-accounts, and calculate their ending balances. 3. How much was Quality Office's net income or net loss? Date Accounts and Explanation Debit Credit Mar. 31 Clos. (2) Print Done