Debit Credit $ 15,300 2,300 1,400 48,000 $ 6,300 4,700 200 3,600 Account Title Cash Office Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (lon rm) Silver, Capital Silver, Withdrawals Service Revenue Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense Utilities Expense 5,400 37,200 1,200 17,200 3,600 1,300 300 400 800 $ 74,600 $ 74,600 Total The adjusted trial balance of Silver Sign Company follows: (Click the icon to view the adjusted trial balance.) OX Data table Requirements 1. Assume Silver Sign Company has a January 31 year-end. Journalize Silver's closing entries at January 31. 2. How much net income or net loss did Silver earn for the year ended January 31? How can you tell? IL Jill IL Silver Sign Company Adjusted Trial Balance January 31, 2016 Now we will close the Income Summary account. Date Accounts and Explanation Debit Credit Balance Debit Credit Jan. Account Title 31 Cash $ 15,300 2,300 Office Supplies Prepaid Rent 1,400 48,000 $ 6,300 Finally, close the Withdrawals account. 4,700 Date Accounts and Explanation Debit Credit Equipment Accumulated DepreciationEquipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) 200 Jan. 31 3,600 5,400 37,200 Silver, Capital Silver, Withdrawals Service Revenue 1,200 17,200 3,600 Requirement 2. How much net income or net loss did Silver earn for the year ended January 31? How can you tell? Salaries Expense Rent Expense 1,300 Silver had a net income of We know this because exceeded by this amount and this was the balance in when it was closed. Print Done