The adjusted trial balance and the income statement amounts from the April work sheet of Swift Sign Company follow:

Requirements 

1. Journalize Swift's closing entries at April 30.

2. How much net income or net loss did Swift earn for April? How can you tell? 

Transcribed Image Text:

Account Title Adjusted Trial Balance Income Statement Cash Supplies Prepaid rent Equipment $14,200 2,400 1,100 52,000 Accumulated depreciation Accounts payable $ 6,000 4,600 Salary payable 400 Unearned service revenue 4,200 Long-term note payable 5,000 Rob Swift, capital 39,800 Rob Swift, withdrawals 1,000 Service revenue 17,400 17,400 Salary expense 3,800 $ 3,800 Rent expense 1,400 1,400 Depreciation expense 300 300 Supplies expense 400 400 Utilities expense 800 800 $77,400 $77,400 6,700 17,400 Net income or net loss P $17,400 $17,400