1. Journalize the required closing entries at March 31, 2024.
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 Quality Office’s net income or net loss?

Use the following information to answer Exercises E-F:5-26 through E-F:5-28.
The adjusted trial balance of Quality Office Systems at March 31, 2024, follows

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QUALITY OFFICE SYSTEMS Adjusted Trial Balance March 31, 2024 Account Title Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Refunds Payable Salaries Payable Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Sales Discounts Forfeited Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total Balance Debit $ 2,300 13,500 30,200 1,000 7,100 42,300 42,000 94,400 27,300 15,100 2,900 $ 278,100 Credit $ 13,200 6,600 2,300 500 7,700 10,000 1,800 235,500 500 $ 278,100