The adjusted trial balance of Budget Business Systems at March
The adjusted trial balance of Budget Business Systems at March 31, 2015, follows:


Requirements
1. Journalize the required closing entries at March 31, 2015.
2. Set up T-accounts for 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 netloss?
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