sy i Data Table Balance Debit Credit Account Title lit Cash 3,200 13,400 559 31,600 6,500 Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable 42,000 13,300 Divi 9,400 1,000 zero bala: he line afte Salaries Payable al.") unt 8,100 Notes Payable, long-term Common Stock 14,000 2,500 Inca Retained Earnings Dividends 45,500 230,000 Sales Revenue Cost of Goods Sold 92,000 26,800 Selling Expense Administrative Expense 14,400 2,900 Interest Expense 278,300 $ 278,300 Tata Start by closing revenues. Do not close expenses or contra-revenue accounts; we will do this in the next step. Debit Credit Date Accounts and Explanation 230000 Mar. 31 Sales Revenue 230000 Clos. (1) Income Summary To close revenues. Close expenses and other temporary accounts for the period. Date Accounts and Explanation Debit Credit 136100 Mar. 31 Income Summary 92000 Clos. (2) Cost of Goods Sold 26800 Selling Expense Administrative Expense Interest Expense 14400 2900 To close expenses Close Income Summary. Date Accounts and Explanation Debit Credit Mar. 31 93900 Income Summary Ratainer Farinas Cine 12 9390 Debit Credit Close Dividends Date Accounts and Explanation Mar 31 Retained Earnings Clos (4) Dividends 45500 45500 To close Dividends Requirement 2. The following T-accounts have been set up: Incomo Summary, Retained Earnings and Dividends. Post the closing entries to the T-accounts and calc Use "Clos" and the corresponding number as shown in the journal entry as posting references -- Clos (1)". "Clos (27. etc. The adjusted balance of each account 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 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 Income Summary Dividends 45,500 45500 Retained Earnings 2.500 Adj Bal Adj. Bal Requirement 3. How much was Discount's net income or net loss? Discount had a net income of than antint the next