ezto.mheducation.com Saved He Below are excerpts from the work sheets of two businesses as at March 31, 2020. Those rows that calculate totals are at the bottom of the last two sets of columns. (a) Income Statement Debit Credit 272,700 310,400 37,700 310,400 310,400 Balance Sheet and Statement of Changes in Equity Debit Credit 367,200 329,500 37,700 367,200 367,200 "The adjusted balances in withdrawals and capital were $17,900 and $72,000, respectively. (b) Balance Sheet and Statenent of Income Statement Changes in Equity Debit Credit Debit Credit 553,500 489,000 954,000 1,018,500 64,500 64,500 553,500 553,500 1,018,500 1,018,500 "The adjusted balances in withdrawals and capital were $0 and $123,000, respectively, Required: Do the following for each business: 1. Identify the profit or loss for the year ended March 31, 2020. (a) (b) Required: Do the following for each business: 1. Identify the profit or loss for the year ended March 31, 2020 (a) (b) 2. Prepare the entry to close the Income Summary account to capital. View transaction list X 1 Record to close the income summary account to capital. > 2 Record to close the income summary account to capital. Saved 1 Record to close the income summary account to capital. 2 Record to close the income summary account to capital. Credit Note : journal entry has been entered Record entry Clear entry View general journal 3. Calculate the post-closing balance in capital at March 31, 2020. (a) Balance in capital (b) Balance in capital