Question

E4-21 (similar to) Question Help i Data Table The adjusted trial balance of Smith Sign Company follows: E: (Click the icon to view the adjusted trial balance.) Requirements 1. Assume Smith Sign Company has a January 31 year-end. Journalize Smith's closing er 2. How much net income or net loss did Smith Sign Company earn for the year ended Jan Smith Sign Company Adjusted Trial Balance January 31, 2018 Requirement 1. Assume Smith Sign Company has a January 31 year-end. Journalize Sm In the last line of the journal entry table.) First, close revenues. Date Accounts and Explanation Debit Credit Jan. 31 Account Title Cash Office Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Dividends Balance Debit Credit 15,000 1,100 700 52,000 6,300 3,900 500 5,000 4,300 40,300 900

Answer 1

Closing entry

No	General Journal	Debit	Credit
1	Service revenue	16500
	Income summary		16500
	(To close revenue)
2	Income summary	7100
	Salaries expense		4400
	Rent expense		1500
	Depreciation expense-equipment		300
	Supplies expense		200
	Utilities expense		700
	(To close expense)
3	Income summary	9400
	Retained earnings		9400
	(To close income summary)
4	Retained earnings	900
	Dividend		900
	(To close dividend)

b) Net income = 9400