The adjusted trial balance of Stone Sign Company follows: Requirements 1. Assume Stone Sign Company has a
Question:
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 Credit Debit $ 15,400 Cash Office Supplies 1,500 Prepaid Rent 1,400 Equipment 60,000 $ 7,000 Accumulated Depreciation-Equipment 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 $ 85,500 $ 85,500 Total
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Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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