The adjusted trial balance of Sully Sign Company$$ follows:

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

Requirements

$1.$ Assume Sully Sign Company has a January $31$year$-$end. Journalize Sully's closing entries at January $31.$

$2.$ How much net income or net loss did Sully Sign Company earn for the year ended January $31?$ How can you$$ tell?

Question content area bottom

Part $1$

Requirement $1.$ Assume Sully Sign Company has a January $31$year$-$end. Journalize Sully'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

Accounts and Explanation

Debit

Credit

Jan. $31$

Part $2$

Next we will close the expense accounts.

Date

Accounts and Explanation

Debit

Credit

Jan. $31$

Part $3$

Now we will close the Income Summary account.

Date

Accounts and Explanation

Debit

Credit

Jan. $31$

Part $4$

$$Finally$,$ close the Withdrawals account.

Date

Accounts and Explanation

Debit

Credit

Jan. $31$

Part $5$

Requirement $2.$ How much net income or net loss did Sully 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$)=$

Part $6$

How can you$$ tell?

We know this because

exceeded

by this amount and this was the balance in

when it was closed.