Week 3 SESSION 6 (2 Marks) 1 list K This test: 2 p Question 1 of 2 This question The adjusted trial balance columns from the December worksheet of Spatoli Sign follows: (Click the icon to view the adjusted trial balance columns of the worksheet.) Requirements 1. Journalise Spatoli's closing entries at 31 December. 2. How much profit or loss did Spatoli earn for December? How can you tell? 2 Now we will close the Income summary account. Date December Lastly, close the Drawings account. Date December Journal Entry Accounts Debit Credit Journal Entry Accounts Debit Credit Requirement 2. How much profit or loss did Spatoli earn for December? How can you tell? Spatoli had a of $ We know this because exceeded The adjusted trial balance columns from the December worksheet of Spatoli Sign follows: (Click the icon to view the adjusted trial balance columns of the worksheet.) Requirements 1. Journalise Spatoli's closing entries at 31 December. 2. How much profit or loss did Spatoli earn for December? How can you tell? Requirement 1. Journalise Spatoli's closing entries at 31 December. (Record debits first, then credits. Explanations are not required.) First, we will close the revenue account. Date 31 December Journal Entry Accounts Debit Credit Next we will close the expense accounts. Date December Journal Entry Accounts Debit Credit Spatoli Sign Partial worksheet for the month ended 31 December 2015 Account Cash Supplies Prepaid rent Equipment Accumulated depreciation Accounts payable Balance Debit Credit 13 600 2 900 1 300 50 000 5 300 4 800 Salary payable Unearned service revenue Loan payable, non-current Spatoli, capital 400 4 200 4 700 38 200 Spatoli, drawings 900 Service revenue 18 100 Salary expense 4 500 Rent expense 1 300 Depreciation expense Supplies expense Electricity and gas expense Total 300 400 500 EA $ 75 700 $ 75 700