The adjusted trial balance of Spatoli Sign Company follows: (Click the icon to view the adjusted trial balance) Requirements 1. Assume Spatoll Sign Company has a January 31 year-end. Journalize Spatol's closing entries at January 31. 2. How much net income or net loss did Spatoli Sign Company earn for the year ended January 317 How can you tell? Requirement 1. Assume Spatos Sign Company has a January 31 year-end. Joumalize Spatol's closing entries at January 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First, we will close the Service Revenue account. Date Jan. 31 Accounts and Explanation Debit Credit Next we will close the expense accounts Date Jan. 31 Accounts and Explanation Debit Credit The adjusted trial balance of Spatoli Sign Company follows: (Click the icon to view the adjusted trial balance.) Requirements 1. Assume Spatoli Sign Company has a January 31 year-end. Journalize Spatoli's closing entries at January 31. 2. How much net income or net loss did Spatoli Sign Company earn for the year ended January 31? How can you tell? Date Accounts and Explanation Debit Credit Jan. 31 Finally, close the Withdrawals account. Date Jan. 31 Accounts and Explanation Debit Credit The adjusted trial balance of Spatoli Sign Company follows: (Click the icon to view the adjusted trial balance.) Requirements 1. Assume Spatoli Sign Company has a January 31 year-end. Journalize Spatoli's closing entries at January 31. 2. How much net income or net loss did Spatoli Sign Company earn for the year ended January 31? How can you tell? Finally, close the withdrawals account. Date Jan. 31 Accounts and Explanation Debit. Credit Requirement 2. How much net income or net loss did Spatoli Sign Company earn for the year ended January 31? How can you tell? Start by identifying the amount of net income or loss for the year ended January 31. (Enter a loss with a minus sign or parentheses.) Net income (loss) = How can you tell? We know this because exceeded by this amount and this was the balance in when it was closed. Data table Account Title Cash Office Supplies Prepaid Rent Spatoli Sign Company Adjusted Trial Balance January 31, 2024 Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Spatoli, Capital Spatoli. Withdrawals Balance Debit Credit $ 14,200 2,900 1,000 52,000 $ 5,600 4,100 100 4,900 5,500 40,600 900 Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Spatoli, Capital Spatoli, Withdrawals Service Revenue Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense Utilities Expense Total 1,000 52,000 5,600 4,100 100 4,900 5,500 40,600 900 17,700 14,900 1,500 300 200 600 $ 78,500 $ 78,500