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The adjusted trial balance from the January worksheet of Silver Sign Company follows

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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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