Efficient Business Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Business Systems at March 31 , 2024 , follows: (Click the icon to view the adjusted trial balance.) Read the reguirements 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 infry table Start by closing revenues. Do not close expenses or contra-revenue accounts; we will do this in the noxt step Question 8. EF5-26 (similar to) Data table Efficient Business Systems Adjusted Trial Balance March 31, 2024 Balance Account Title Cash Accounts Receivable 12,900 Merchandise Inventory 31,000 Estimated Returns Inventory 1,100 Office Supplies 6,600 Equipment 42,500 Accumulated Depreciation-Equipment Accounts Payable \begin{tabular}{|lrr} \hline Refunds Payable & 1,900 \\ Salaries Payable & 700 \\ Notes Payable, long-term & 8,300 \\ Common Stock & 16,000 \\ Retained Earnings & 5,950 \\ Dividends & 45,000 & \\ Sales Revenueh & & 239,000 \\ Sales Discounts Forfeited & 900 \\ Cost of Goods Sold & 26,800 & \\ Selling Expense & 14,200 & \\ Administrative Expense & 2,100 & \\ Interest Expense & 292,950 & $292,950 \\ \hline Total & & \\ \hline \end{tabular}