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?