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8. (Record debits first, then credits. Select the explanation on the last line of th Requirements 1. Journalize the required closing entries at March 31, 2018 2. The following T-accounts have been set up: Income Summary, Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances. 3. How much was Budget's net income or net loss? Done Print Budget Business Systeme Adjusted Tral Balance March 31, 2018 Balance Credit Account Title Debit 3,900 Cash Accounts Receivable 13,700 Merchandise Inventory 31,800 Office Supplies 6,700 Equipment 42,400 Accumulated Depreciation-Equipment 13,100 Accounts Payable 8,900 Salaries Payable 1,200 Notes Payable, long-term 7,900 Common Stock 15.000 Retained Earnings 8.150 39,000 Dividends Sales Revenue 233,000 Cost of Goods Sold 104,850 Selling Expense Administrative Expense 27,700 14,900 2,300 Interest Expense 287,250 287,250 S Total 60 Requirement 2, The following T-accounts have been set up Income Sum s Use "Clos" and the corresponding number as shown in the jounal entry as posting references-"Clos (1). "Clos (2), etc. The adjusted balance of each account after closing, enter a "0" on the normal side of the account. For Income Summary, calculate and enter the balance (Bal ) before posting the entry to close out the account Post the entry to line after the balance prior to closing (the third line) and then show the post-closing balance (Bal ) on the last (fourth) line of the account y. Review the closing journal entries you prepared above. Income Summary Retained Earnings Dividends 8.150 Adi. Bal 39.000 Adj Bal. Bal. mumber in the input fields and then continue to the next