me ajusted trial balance of Spanelli Sign Company follows:

View the adjusted trial balance.

Requirements

Assume Spanelli Sign Company has a January $31$ year$-$end. Journalize Spanelli Sign Company's closing entries at January $31.$

How much net income or net loss did Spanelli Sign Company earn for the year ended January $31?$ How can you tell?

Finally, close the Dividends account.

Requirement $2.$ How much net income or net loss did Spanelli Sign Company earn for the year ended January $31?$ How can you tell?

Start by identifying the amount of net income or loss for the year ended January $31.($Enter a loss with a minus sign or parentheses.$)$

Net income $($loss$)=$

How can you tell?

We know this because

exceeded

by this amount and this was the balance in

when it was closed. Journalize the following transactions that occurred in November for Sam's Adventure Land, assuming the perpetual inventory system is being used. No explanations are

needed. Identify each accounts payable and accounts receivable with the vendor or customer name. $($Record debits first, then credits. Exclude explanations from journal

entries. Assume the company records sales using the gross method.$)$

View the transactions.

Nov. $4$: Purchased merchandise inventory on account from Verona Company, $$17,000.$ Terms $\frac{2}{10},$ n$/$EOM$,$ FOB shipping point.

Nov. $6$: Paid freight bill of $$180$ on November $4$ purchase.

Nov. $8$: Returned half of the inventory purchased on November $4$ from Verona Company.Journalize the following transactions that occurred in November for Sam's Adventure Land$,$ assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. $($Record debits$$ first, then credits. Exclude explanations from journal entries. Assume the company records sales using the gross$$ method.$)$ Journalize the following transactions that occurred in November for Sam's Adventure Land, assuming the perpetual inventory system is being used. No explanations are

needed. Identify each accounts payable and accounts receivable with the vendor or customer name. $($Record debits first, then credits. Exclude explanations from journal

entries. Assume the company records sales using the gross method.$)$

View the transactions.

Nov. $4$: Purchased merchandise inventory on account from Verona Company, $$17,000.$ Terms $\frac{2}{10},\frac{n}{E}OM,$ FOB shipping point.

Nov. $6$: Paid freight bill of $$180$ on November $4$ purchase.

Nov. $8$: Returned half of the inventory purchased on November $4$ from Verona Company. Nov. $4$ Purchased merchandise inventory on account from Verona Company, $$17,000$

Terms $\frac{2}{10},$ n$/$EOM$,$ FOB shipping point.

Nov. $6$ Paid freight bill of $$180$ on November $4$ purchase.

Nov. $8$ Returned half the inventory purchased on November $4$ from Verona Company.

Nov. $10$ Sold merchandise inventory for cash, $$2,000.$ Cost of goods, $$1,200.$ FOB

destination.

Nov. $11$ Sold merchandise inventory to Graceland Corporation, $$10,800,$ on account, terms

of $\frac{1}{10},\frac{n}{E}OM.$ Cost of goods, $$4,320.$ FOB shipping point.

Nov. $12$ Paid freight bill of $$70$ on November $10$ sale.

Nov. $13$ Sold merchandise inventory to Cabbell Company, $$8,500,$ on account, terms of

$\frac{3}{15},\frac{n}{45}.$ Cost of goods, $$4,250.$ FOB shipping point.

Nov. $14$ Paid the amount owed on account from November $4,$ less return and discount.

Nov. $16$ After negotiations, granted a $$900$ allowance to Graceland Corporation on

November $11$ sale.

Nov. $17$ Received defective inventory as a sales return from the November $13$ sale, $$200.$

Cost of goods, $$100.$

Nov. $18$ Purchased inventory of $$4,200$ on account from Rafferty Corporation. Payment

terms were $\frac{3}{10},\frac{n}{30},$ FOB destination.

Nov. $20$ Received cash from Graceland Corporation, less allowance and discount.

Nov. $26$ Paid amount owed on account from November $18,$ less discount.

Nov. $28$ Received cash from Cabbell Company, less return and discount.

Nov. $29$ Purchased inventory from Sully Corporation for cash, $$12,100,$ FOB shipping point.

Freight in paid to shipping company, $$150.$ Accounts Payable$-$Rafferty Corporation

$6$: Paid Delivery Expense

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Account