E5-21 Journalizing closing entries [10–15 min]
The trial balance and adjustments columns of the worksheet of Budget Business
Systems at March 31, 2012, follow:
BUDGET BUSINESS SYSTEMS
Worksheet
Year Ended March 31, 2012
Cash 2,400
Accounts receivable a) 2,500
Inventory 36,500 b) $4,800
and so on ....
Requirements
1. Compute the adjusted balance for each account that must be closed.
2. Journalize the required closing entries at March 31, 2012.
3. How much was Budget’s net income or net loss?
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