E4-18 Preparing closing entries from a partial worksheet [15-25 min]
The adjusted trial balance from the January worksheet of Silver Sign Company follows:
SILVER SIGN COMPANY Partial Worksheet Month Ended January 31, 2012 | |||
Adjusted Trial Balance | |||
Account | Debit | Credit | |
Cash | $14,300 | ||
Supplies | 2,400 | ||
Prepaid rent | 1,400 | ||
Equipment | 45,000 | ||
Accumulated depreciation | $ 6,100 | ||
Accounts payable | 4,500 | ||
Salary payable | 300 | ||
Unearned service revenue | 4,500 | ||
Note payable, long-term | 5,300 | ||
Silver, capital | 32,600 | ||
Silver, drawing | 800 | ||
Service revenue | 16,800 | ||
Salary expense | 3,600 | ||
Rent expense | 1,400 | ||
Depreciation expense | 400 | ||
Supplies expense | 200 | ||
Utilities expense | 600 | ||
Total | $70,100 | $70,100 |
Requirements
1. Journalize Silver’s closing entries at January 31.
2. How much net income or net loss did Silver earn for January? How can you tell?
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