The adjusted trial balance of Summers Sign Company follows: (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 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, we will close the Service Revenue account. Jan. Date 31 Accounts and Explanation Debit Credit Next we will close the expense accounts. Jan. Date 31 Accounts and Explanation Debit Credit Now we will close the Income Summary account. Date Accounts and Explanation Debit Credit Now we will close the Income Summary account. Date Jan. 31 Accounts and Explanation Debit Credit Finally, close the Withdrawals account. Date Jan. 31 Accounts and Explanation Debit Credit Requirement 2. How much net income or net loss did Summers earn for the year ended January 31? How can you tell? Summers had a of by this amount and this was the balance in We know this because exceeded when it was closed. Choose from any list or enter any number in the input fields and then continue to the next question. Data Table Account Title Cash Office Supplies Prepaid Rent Summers Sign Company Adjusted Trial Balance January 31, 2016 Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Summers, Capital Summers, Withdrawals Service Revenue Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense Utilities Expense Total Balance Debit $ 15,800 Credit 2,300 800 52,000 $ 6,900 5,200 600 4,400 4,400 39,400 800 17,100 3,800 1,000 400 300 800 $ 78,000 $ 78,000 Print Done