Question

Data Table The adjusted trial balance of Silver Sign Company follows: ll (Click the icon to view the adjusted trial balance.) Requirements . Assume Silver Sign Company has a January 31 year-end. Journalize Silver's closing entries at January 31 2. How much net income or net loss did Silver Sign Company eam for the year ended January 31? How can you tel? Silver Sign Company Adjusted Trial Balance January 31, 2018 Requirement 1. Assume Silver Sign Company has a January 31 year-end. Journalize Silver's closing entries at January 31 Balance First, close revenues. Account Title Debit Credit Date Accounts and Explanation Debit Credit Cash S 15,200 31 Jan. Office Supplies 1,800 800 Prepaid Rent Equipment 56,000 Accumulated Depreciation-Equipment S 5,300 3,900 Accounts Payable 500 Next, close the expense accounts. Salaries Payable Unearned Revenue 3,500 Date Accounts and Explanation Debit Credit 5,100 Notes Payable (long-term) Jan. 31 Common Stock 45,350 Dividends 1,150 Service Revenue 17,500 Salaries Expense 3,500 ent Print Done hoose from any list or enter any number in the input fields and then continue to the next question.

Answer 1

Answer1 Date Accounts and Explanation Debit Credit Jan. 31 Service Revenue 17,500 Income Summary 17,500 (To close revenue) Jan. 31 Income Summary 6,200 Salaries Expense 3,500 Rent Expense Depreciation Expense-Equipment Supplies Expense Utilities Expense (To close expenses) 1,000 300 400 1,000 Jan. 31 Income Summary Retained Earnings 11,300 11,300 To close income summa Retained Earnings Jan. 31 1,150 Dividends 1,150 To close dividends Answer 2. The company has net income of $11,300. We know this because revenue exceeded expenses bythis amount and this was the balance in income summary when it was closed