Requirements 1. Journalize the required closing entries at March 31, 2018. 2. The following T-accounts have been set up: Income Summary; Muir, Capital; and Muir, Withdrawals. Post the closing entries to the T-accounts, and calculate their ending balances. 3. How much was Efficient's net income or net loss? Print Done Data Table Efficient Office Systems Adjusted Trial Balance March 31, 2018 Balance Account Title Debit Credit Cash $ 2,600 Accounts Receivable 12,900 31,800 6,600 42,200 $ 13,000 Merchandise Inventory Office Supplies Equipment Accumulated DepreciationEquipment Accounts Payable Salaries Payable Notes Payable, long-term Muir, Capital Muir, Withdrawals 9,000 900 7,400 12,100 44,500 Sales Revenue 239,000 Cost of Goods Sold 95,600 27,700 Selling Expense Administrative Expense 14,600 2,900 Interest Expense $ 281,400 $ 281,400 Total g Print Done 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 close 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 the period. Date Accounts and Explanation Debit Credit Mar. 31 Clos. (2) Close Income Summary Date Accounts and Explanation Debit Credit Mar. 31 Clos. (3) Close withdrawals. Date Accounts and Explanation Debit Credit Mar. 31 Clos. (4) Requirement 2. The following T-accounts have been set up: Income Summary; Muir, Capital; and Muir, Withdrawals. Post the closing entries to the T-accounts, and calculate their ending balances. Use "Clos." and the corresponding number as shown in the journal entry as posting references"Clos.(1)", "Clos.(2)", etc. The adjusted balance of each account has been entered for you. For any accounts with a zero balance after closing, enter a "0" on the normal side of the account. For Income Summary, calculate and enter the balance ("Bal.") before posting the entry to close out the account. Post the entry to close Income Summary account on the line after the balance prior to closing (the third line) and then show the post-closing balance ("Bal.") on the last (fourth) line of the account. Review the closing journal entries you prepared above. Muir, Withdrawals Muir, Capital Income Summary Adj. Bal. 44,500 12,100 Adj. Bal. Bal. Requirement 3. How much was Efficient's net income or net loss? Efficient had a net of $