Business Markdown Systems uses a perpetual inventory system. The adjusted trial balance of Business Markdown Systems at March 31, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Journalize the required closing entries at March 31, 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Do not close expenses or contra-revenue accounts, we will do this in the next step. Date Accounts and Explanation Debit Credit Mar. 31 Sales Revenue 235,000 200 Clos. (1) Sales Discounts Forfeited Income Summary 235,200 To close revenues. Close expenses and other temporary accounts for the period. Date Accounts and Explanation Debit Credit Mar. 31 Income Summary Clos. (2) Cost of Goods Sold 94,000 Administrative Expense To close expenses. Business Markdown Systems Adjusted Trial Balance March 31, 2024 Balance Account Title Debit Credit Cash $ 3,900 Accounts Receivable 13,900 Merchandise Inventory 30,100 Estimated Returns Inventory 1,300 Office Supplies 6,200 Equipment 43,100 Accumulated Depreciation Equipment $ 13,600 Accounts Payable 6,700 Refunds Payable 1,800 Salaries Payable 1,200 Notes Payable, long-term 7,600 Muir, Capital 16,500 Muir, Withdrawals 45,500 Sales Revenue 235,000 Sales Discounts Forfeited 200 Cost of Goods Sold 94,000 Selling Expense 27,500 Administrative Expense 14,400 2,700 Interest Expense 282,600 $ 282,600 Total $