(L. OBJ. 4) Journalizing closing entries [10—15 min] The trial balance and adjustments...

(L. OBJ. 4) Journalizing closing entries [10—15 min]

The trial balance and adjustments columns of the work sheet of Long Pond Business Systems Co. at January 31, 2011, follow:

Requirements

1. Compute the adjusted balance for each account that must be closed.

2. Journalize the required closing entries at January 31 2011.

3. How much was Long Pond’s net income or net loss?