Summers Sign Company Adjusted Trial Balance January 31, 2018 Balance Debit Credit 14,300 1,900 1,200 52,000 6,500 Account Title Cash Office Supplies Prepaid Rent Equipment Accumulated DepreciationEquipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Dividends 3,900 300 3,900 5,800 40,150 1,050 18,400 Service Revenue Salaries Expense Rent Expense 4,900 2,000 2,000 300 Rent Expense Depreciation ExpenseEquipment Supplies Expense Utilities Expense 500 800 $ 78,950 $ 78,950 Total 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. Joumalize 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? The company had of $ . We know this because exceeded