Requirements 1. Assume Sullivan Sign Company has a January 31 year-end. Journalize Sullivan's closing entries at January 31. 2. How much net income or net loss did Sullivan Sign Company earn for the year ended January 31? How can you tell? 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 First, we will close the Service Revenue account. Date Accounts and Explanation Jan. 31 Service Revenue Income Summary Debit Credit 16,900 16,900 Data Table Sullivan Sign Company Adjusted Trial Balance To close revenue. Next we will close the expense accounts. January 31, 2024 Date Account Title Jan. 31 Accounts and Explanation Service Revenue Debit Credit Cash Salaries Expense Office Supplies Rent Expense Prepaid Rent Depreciation Expense-Equipment Supplies Expense Utilities Expense Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Sullivan, Capital Sullivan, Withdrawals Service Revenue 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 S 6,300 3,800 200 4,400 5,900 34,900 1,200 16,900 4,800 2,000 400 300 800 $ 72,400 $ 72,400