Requirement 1. Assume Sullivan Sign Company has a January 31 year-end. Journalize Sullivan's closing entries at January 31. (Record debits first, then credits. Select the explanation on the last line of the jo First, we will close the Service Revenue account. Date Accounts and Explanation Jan. 31 Service Revenue Income Summary To close revenue. Next we will close the expense accounts. Debit Credit 16,900 Data Table 16,900 Date Accounts and Explanation Debit Credit Jan. 31 Income Summary 8,300 Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense Utilities Expense To close expenses. Now we will close the Income Summary account. Sullivan Sign Company Adjusted Trial Balance January 31, 2024 Account Title Cash 4,800 Office Supplies 2,000 400 Prepaid Rent 300 Equipment 800 Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Sullivan, Capital Sullivan, Withdrawals 8,600 Service Revenue Date Jan. 31 Accounts and Explanation Income Summary Debit Credit 8,600 Sullivan, Capital To close Income Summary. Finally, close the Withdrawals account. Date Jan. 31 Accounts and Explanation Sullivan, Capital Debit Credit Sullivan, Withdrawals Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense Utilities Expense Total Print Done - X Balance Debit Credit 13,400 2,100 1,400 46,000 $ 6,300 3,800 200 4,400 5,900 34,900 1,200 16,900 4,800 2,000 400 300 800 S 72,400 $ 72,400