The adjusted trial balance for Paddy's Cell Systems follows:

Required
1. Journalize the closing entries of Paddy's Cell Systems at March 31, 2017. Include explanations.
2. How much net income or net loss did Paddy's Cell Systems earn for March 2017? How can you tell?

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PADDY'S CELL SYSTEMS Adjusted Trial Balance March 31,2017 $27,600 7,500 3,600 168,900 Cash Supplies Prepaid rent Office equipment Accumulated amortization-office equipment Accounts payable Salaries payable Unearned service revenue P. O'Neill, capital P. O'Neill, withdrawals Service revenue Salaries expense Rent expense Amortization expense-office equipment Supplies expense Utilities expense $26,050 29,300 3,250 17,600 153,300 15,000 61,000 45,200 15,650 1,200 2,650 3,200 $290,500 $290,500