The adjusted trial balance of Summers

Summers Sign Companyfollows:

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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

Summers Sign Company earn for the year ended January

January 31? How can youtell?

ummers Sign Company

Adjusted Trial Balance

January 31, 2018

Balance

Account Title

Debit

Credit

Cash

$

14,800

Office Supplies

2,500

Prepaid Rent

1,100

Equipment 45,000

Accumulated DepreciationEquipment $6,900

Accounts Payable 5,200

Salaries Payable 600

Unearned Revenue 3,500

Notes Payable (long-term) 5,600

Summers, Capital 31,600

Summers, Withdrawals 1,100

Service Revenue 18,100

Salaries Expense 3,700

Rent Expense 1,900

Dep. Expense Equip $400

Supplies Expense 300

Utilit $700

71,500

$71,500