Solve all requirements.

Homework: HW Ch.5 Score: 0 of 10 pts 4 of 4 (0 complete) E5-22 (similar to) Efficient Business Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Business Systems at March 31, 2015, follows: E (Click the icon to view the adjusted trial balance.) Requirements 1. Journalize the required closing entries at March 31, 2015. 2. The following T-accounts have been set up: Income Summary, Bradford, Capital; and Bradford, 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? Requirement 1. Journalize the required closing entries at March 31, 2015. (Record debits first, then credits. Explanations will appear on the last line of the journal entry table.) Start by closing revenues. Date Accounts and Explanation Debit Credit Mar. 31 Clos. (1) Data Table - X Efficient Business Systems Adjusted Trial Balance March 31, 2015 Balance Account Title Debit Credit Cash 2,600 Accounts Receivable 13,200 Merchandise Inventory 31,300 Office Supplies 6,700 Equipment 42,500 Accumulated Depreciation Equipment $ 13,700 Accounts Payable 9,900 Salaries Payable 700 Notes Payable, long-term 7,500 Bradford, Capital 30,500 Bradford, Withdrawals 44,500 Sales Revenue 230,000 Sales Returns and Allowances 1,400 Sales Discounts 1,700 Cost of Goods Sold 103,500 Selling Expense 27,600 Administrative Expense 14,400 Interest Expense 2,900 292,300 $ 292,300 Total Print Done