Fairfield Services Company is a financial planning services firm owned and operated by John Fairfield. As at December 31, 2015, the accountant for Fairfield Services Company prepared the following adjusted trial balance.

Instructions
1. Prepare an income statement, a statement of owner€™s equity (no additional investments were made during the year), and a balance sheet.
2. Journalize the entries that were required to close the accounts at December 31.
3. If the balance of John Fairfield, Capital increased $60,000 after the closing entries were posted and the withdrawals remained the same, what was the amount of net income or net loss?

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Fairfield Services Company Adjusted Trial Balance December 31, 2015 Credit Balances Debit Balances Cash Accounts Receivable Prepaid Insurance Buildings Accumulated Depreciation Bldg Land Accounts Payable Salaries Payable Uneaned Rent John Fairfield, Capital John Fairfield, Withdrawals Service Fees Rent Revenue. Salaries Expense Depreciation Expense Rent Expense Miscellaneous Expense Insurance Expense 13,000 29,100 350,000 120,000 8,500 121,000 33,300 3,300 1,500 268,800 20,000 500,000 6,000 342,500 25,100 17,500 5,100 3,100 933,900 933,900