The adjusted trial balance of Simpson Sign Company follows:

$($Click the icon to view the adjusted trial balance.$)$

Requirements

Assume Simpson Sign Company has a January $31$ year$-$end. Journalize Simpson's closing entries at January $31.$

How much net income or net loss did Simpson Sign Company eam for the year ended January $31?$ How can you tell?

Requirement $1.$ Assume Simpson Sign Company has a January $31$ year$-$end. Journalize Simpson's closing entries at January $31.($Record debits first, then credits. Select the explanation on the last line of the joumal entry table.$)$

First, close revenues.

Next, close the expense accounts.

Close the Income Summary account.