Requirement 1. Assume

SpatoliSpatoli Sign Company has a January 31 year-end. Journalize Spatoli'sSpatoli's closing entries at January 31.

(Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

First, close revenues.

Date		Accounts and Explanation	Debit	Credit
Jan.	31

Next, close the expense accounts.

Date		Accounts and Explanation	Debit	Credit
Jan.	31

Close the Income Summary account.

Date		Accounts and Explanation	Debit	Credit
Jan.	31

Finally, close the Dividends account.

Date		Accounts and Explanation	Debit	Credit
Jan.	31

Requirement 2. How much net income or net loss did

SpatoliSpatoli

Sign Company earn for the year ended

JanuaryJanuary

31? How can you tell?

The company had		of $		. We know this because		exceeded
by this amount and this was the balance in					when it was closed.

Choose from any list or enter any number in the input fields and then continue to the next question.

Spatoli Sign Company Adjusted Trial Balance January 31, 2018 Balance Credit Account Title Cash Office Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense Utilities Expense Total Debit 13,700 1,200 800 46,000 $ 6,300 3,900 500 4,400 4,900 31,600 1,000 18,500 3,600 2,000 300 600 900 70,100 $ 70,100