The adjusted trial balance for Pria’s Music Lessons follows:

Required1. Journalize the closing entries of Pria’s Music Lessons at December 31, 2023. Include explanations.

2. How much net income or net loss did Pria’s Music Lessons earn for the period ended December 31, 2023? How can you tell?

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Cash Supplies Prepaid rent PRIA'S MUSIC LESSONS Adjusted Trial Balance December 31, 2023 Instruments Accumulated amortization-instruments Accounts payable Salaries payable Unearned service revenue P. Chai, capital P. Chai, withdrawals Service revenue Salaries expense Rent expense Amortization expense-instruments Supplies expense Utilities expense $ 27,600 7,500 3,600 168,900 15,000 45,200 15,650 1,200 2,650 3,200 $290,500 $ 26,050 29,300 3,250 17,600 153,300 61,000 $290,500