The adjusted trial balance from the January worksheet of Silver Sign Company follows:

Requirements
1. Journalize Silver€™s closing entries at January 31.
2. How much net income or net loss did Silver earn for January? How can youtell?

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SILVER SIGN COMPANY Partial Worksheet Month Ended January 31, 2012 Adjusted Trial Balance Debit Credit Account Cash $14,300 2,400 Supplies Prepaid rent Equipment Accumulated depreciation Accounts payable Salary payable Unearned service revenue 1,400 45,000 $ 6,100 4,500 300 4,500 Note payable, long-term Common stock Retained earnings 5,300 16,000 16,600 Dividends 800 Service revenue 16,800 Salary expense Rent expense 3,600 1,400 Depreciation expense Supplies expense 400 200 Utilities expense 600 Total $70,100 $70,100