Question: The adjusted trial balance of Business Reduction Systems at March

The adjusted trial balance of Business Reduction Systems at March 31, 2016, follows:
Requirements
1. Journalize the required closing entries at March 31, 2016.
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 Business Reduction’s net income or net loss?

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  • CreatedJune 12, 2015
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