E4-21 Preparing closing entries from an adjusted trial balance The adjusted trial balance of Stone Sign Company follows: STONE SIGN COMPANY Adjusted Trial Balance January 31, 2018 Balance Credit Debit Account Title $15,400 Cash 1,500 Office Supplies 1,400 Prepaid Rent 60,000 Equipment $ 7,000 Accumulated Depreciation-Equipment 3,800 Accounts Payable 100 Salaries Payable 4,200 Unearned Revenue 4,300 Notes Payable (long-term) Stone, Capital 48,800 Stone, Withdrawals 800 Service Revenue 17,300 3,700 Salaries Expense Rent Expense 1,400 Depreciation Expense-Equipment 400 Supplies Expense 300 Utilities Expense 600 $ 85,500 Total $ 85,500 Requirements 1. Assume Stone Sign Company has a January 31 year-end. Journalize Stone's closing entries at January 31. 2. How much net income or net loss did Stone Sign Company carn for the year ended January 31? How can you tell? 2