The adjusted trial balance from the September work sheet of Paul Sign Company follows:

Requirements 

1. Journalize Paul’s closing entries at September 30.
2. How much net income or net loss did Paul earn for September? How can you tell?

Transcribed Image Text:

PAUL SIGN COMPANY Work Sheet September 30, 2011 Adjusted Trial Balance Account Debit Credit Cash 15,100 Supplies 1,600 Prepaid rent 1,500 Equipment 46,000 Accumulated depreciation 6,300 Accounts payable 4,700 Salary payable 100 Unearned service revenue Note payable, long-term Common stock Retained earnings Dividends 4,900 4,300 15,000 18,500 1,200 Service revenue 18,000 Salary expense 3,400 Rent expense 1,400 Depreciation expense 300 Supplies expense 400 Utilities expense 900 Total 71,800 71,800