Data Table - X Spanelli Sign Company Adjusted Trial Balance January 31, 2018 Balance Account Title Debit Credit Cash $ 15,600 Office Supplies 1,200 Prepaid Rent 1,700 Equipment 46,000 Accumulated Depreciation, Equipment S 6,400 Accounts Payable 4,200 Salaries Payable 150 Unearned Revenue 4,000 Notes Payable (long-term) 5,700 Common Stock 32,950 Dividends 900 Service Revenue 18,300 Salaries Expense 3,500 Rent Expense 1,500 Depreciation Expense- Equipment 300 Supplies Expense 200 Utilities Expense 800 S Total 71,700 $ 71,700 Print Done The adjusted trial balance of Spanelli Sign Company follows: (Click the icon to view the adjusted trial balance.) Requirements 1. Assume Spanelli Sign Company has a January 31 year-end. Journalize Spanelli's closing entries at January 31. 2. How much net income or net loss did Spanelli Sign Company earn for the year ended January 31? How can you tell? Requirement 1. Assume Spanelli Sign Company has a January 31 year-end. Journalize Spanelli's closing entries at January 31. (Record debits first, then credits. Select the explanation on the last line First, close revenues Date Accounts and Explanation Debit Credit Jan. 31 Next, close the expense accounts Date Accounts and Explanation Debit Credit Jan. 31 Close the Income Summary account. Date Accounts and Explanation Debit Credit Jan. 31 Finally, close the Dividends account. Date Accounts and Explanation Debit Credit Jan. 3 Requirement 2. How much net income or net loss did Spanelli Sign Company earn for the year ended January 31? How can you tell? The company had of $ We know this because exceeded by this amount and this was the balance in when it was closed