Exericise 4-8

1. Journalize the closing entries of Paddys Cell Systems at March 31, 2017. Include explanations.

2. How much net income or net loss did Paddys Cell Systems earn for March 2017? How can you tell?

Exercise 4-8 The adjusted trial balance for Paddy's Cell Systems follows: entries 3 6,900 $ 27,600 7,500 3,600 168,900 PADDY'S CELL SYSTEMS Adjusted Trial Balance March 31, 2017 Cash Supplies Prepaid rent Office equipment Accumulated amortization-office equipment Accounts payable Salaries payable Unearned service revenue P. O'Neill, capital P. O'Neill, withdrawals Service revenue Salaries expense Rent expense Amortization expense-office equipment Supplies expense Utilities expense $ 26,050 29,300 3,250 17,600 153,300 15,000 61,000 45,200 15,650 1,200 2,650 3,200 $290,500 $290,500 Required 1. Journalize the closing entries of Paddy's Cell Systems at March 31, 2017. Include explanations. 2. How much net income or net loss did Paddy's Cell Systems earn for March 2017? How can you tell? ic Structure of Accounting