The adjusted trial balance from the March work sheet of O'Neill Systems follows:

Required
1. Journalize the closing entries of O'Neill Systems at March 31, 2014. Include explanations.
2. How much net income or net loss did O'Neill Systems earn for March 2014? How can you tell?

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$ 27,600 Cash Supplies Prepaid rent Office equipment Accumulated amortization-office 7,500 3,600 170,900 $ 26,050 equipment Accounts payable Salaries payable 29,300 3,250 17,600 Unearned service revenue P. O'Neill, capital P. O'Neill, withdrawals 153,300 15,000 63,000 Service revenue Salaries expense Rent expense Amortization expense 45,200 15,650 1,200 office equipment Supplies expense Utilities expense 2,650 3,200 $292,500 $292,500