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. Journalize 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. Date Accounts and Explanation Debit Credit Jan. 31 Next we will close the expense accounts. Date Accounts and Explanation Debit Credit Jan. 31 Data table Summers Sign Company Adjusted Trial Balance January 31, 2016 Balance Account Title Debit Credit Cash 15,700 Office Supplies 2,000 Prepaid Rent 1,400 Equipment 52,000 Accumulated Depreciation Equipment $ 6,200 Accounts Payable 4,600 Salaries Payable 800 Unearned Revenue 4,200 Notes Payable (long-term) 5,900 Summers, Capital 40,300 Summers, Withdrawals 1,000 Service Revenue 17,600 Salaries Expense 4,300 Rent Expense 1,900 Depreciation Expense-Equipment 300 Supplies Expense 200 Utilities Expense 800 $ 79,600 $ 79,600 Total Now we will close the Income Summary account. Date Accounts and Explanation Debit Credit Jan. 31 Finally, close the Withdrawals account. Date Accounts and Explanation Debit Credit Jan. 31 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