The adjusted trial balance of Gold Sign Company follows: 

Requirements 

1. Assume Gold Sign Company has a January 31 year-end. Journalize Gold Sign Company’s closing entries at January 31. 

2. How much net income or net loss did Gold Sign Company earn for the year ended January 31? How can you tell?

Transcribed Image Text:

GOLD SIGN COMPANY Adjusted Trial Balance January 31, 2025 Account Title Cash Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense Utilities Expense Total Balance Debit $ 14,300 2,400 1,400 45,000 800 3,600 1,400 400 200 600 $ 70,100 Credit $ 6,100 4,500 300 4,500 5,300 32,600 16,800 $ 70,100