Summers Sign Company Adjusted Trial Balance January 31, 2018 Account Title Balance Debit Credit 14,600 Cash $ 1,400 1,600 Office Supplies Prepaid Rent Equipment Accumulated DepreciationEquipment Accounts Payable 50,000 5,300 3,900 Salaries Payable 200 Unearned Revenue 4,900 5,200 Notes Payable (long-term) Common Stock 37,900 1,100 Dividends Service Revenue 18,000 Salaries Expense 4,000 1,100 400 Rent Expense Depreciation Expense-Equipment Supplies Expense Utilities Expense 500 700 $ 75,400 $ 75,400 Total The adjusted trial balance of Summers Sign Company follows: E: (Click the icon to view the adjusted trial balance.) Requirements 1. Assume Summers Sign Company has a January 31 year-end. Journalize Summers' closing entries at January 31. 2. How much net income or net loss did Summers Sign Company earn for the year ended January 31? How can you tell? Requirement 1. Assume Summers Sign Company has a January 31 year-end. Journalize Summers' 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 Summers Sign Company earn for the year ended January 31? How can you tell? . We know this because exceeded The company had of $ by this amount and this was the balance in when it was closed