The adjusted trial balance of Stone Sign Company follows:

Requirements
1. Assume Stone Sign Company has a January 31 year-end. Journalize Stone's closing entries at January 31.
2. How much net income or net loss did Stone Sign Company earn for the year ended January 31? How can you tell?

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STONE SIGN COMPANY Adjusted Trial Balance January 31, 2018 Balance Account Title Credit Debit $ 15,400 Cash Office Supplies 1,500 Prepaid Rent 1,400 Equipment 60,000 $ 7,000 Accumulated Depreciation-Equipment Accounts Payable 3,800 Salaries Payable 100 Unearned Revenue 4,200 Notes Payable (long-term) 4,300 Common Stock 48,800 Dividends 800 Service Revenue 17,300 Salaries Expense 3,700 Rent Expense 1,400 Depreciation Expense Equipment 400 Supplies Expense 300 Utilities Expense 600 $ 85,500 $ 85,500 Total