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?
 

Transcribed Image Text:

STONE SIGN COMPANY Adjusted Trial Balance January 31, 2018 Balance Account Title Debit Credit Cash S 15,400 Office Supplies 1,500 Prepaid Rent 1,400 Equipment 60,000 Accumulated Depreciation-Equipment $ 7,000 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 Total $ 85,500 $ 85,500 STONE SIGN COMPANY Adjusted Trial Balance January 31, 2018 Balance Account Title Debit Credit Cash S 15,400 Office Supplies 1,500 Prepaid Rent 1,400 Equipment 60,000 Accumulated Depreciation-Equipment $ 7,000 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 Total $ 85,500 $ 85,500

Answer rating: 100% (QA)

Answer Requirement 1 Closing Entries Date Accounts title Debit Cre... View the full answer