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?

Account Title Cash Supplies Prepaid rent Office equipment Paddy's Cell Systems Adjusted Trial Balance March 31, 2017 Accumulated amortization-off.equip Debit Credit $ 27,600 7,500 3,600 168,900 $ 26,050 29,300 Accounts payable Salaries payable 3,250 Unearned service revenue 17,600 P. O'Neill, capital 153,300 P. O'Neill, withdrawals 15,000 Service revenue 61,000 Salaries expense 45,200 Rent expense 15,650 Amortization expense-off.equip 1,200 Supplies expense 2,650 3,200 Utilities expense 290,500 $ 290,500 Total