The trial balance and adjustments columns of the worksheet of Budget Business Systems, Co., at March 31, 2012, follow:

Requirements
1. Compute the adjusted balance for each account that must be closed.
2. Journalize the required closing entries at March 31, 2012.
3. How much was Budget€™s net income or netloss?

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BUDGET BUSINESS SYSTEMS, CO. Worksheet Year Ended March 31, 2012 Trial Balance Adjustments Debit Debit $ 2,400 Credit Credit Account Cash (ajs 2,500 Accounts receivable 8,900 36,500 (b)$ 4,800 (c) 7,300 Inventory Supplies Equipment Accumulated depreciation Accounts payable Salary payable Note payable, long-term 13,700 42,500 S 11,600 (d) 2,300 9,200 (c) 1,000 7,900 6,500 Common stock Retained carnings 27,500 43,000 Dividends Sales revenue 232,000 (a) 2,500 2,500 Sales discounts Cost of goods sold Selling expense (b) 4,800 (c) 5,100 (e) 1,000 (c) 2,200 (d) 2,300 111,500 21,100 General expense 10,300 Interest expense 2,300 $294,700 $294,700 Total $17,900 $17,900