The Trial Balance and Adjustments columns of the worksheet of Wells Decorating Centre included these accounts and balances at December 31, 2017:

Required
Wells Decorating Centre uses the perpetual inventory system. Compute the adjusted balance for each account that must be closed. Then journalize Wells Decorating Centre's closing entries at December 31, 2017. How much was Wells Decorating Centre's net income or net loss?

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Trial Balance Debit Credit Debit 17,000 27,500 63,500 18,600 70,000 Adjustments Account Title Cash Accounts receivable Inventory Supplies Store fixtures Accumulated amortization Accounts payable Salary payable Note payable, long-term B. Wells, capital B. Wells, withdrawals Sales revenue Sales discounts Cost of goods sold Selling expenses Credit (a) 2,200 (b) 1,400 (c) 6,400 (d) 7,000 (e) 3,800 35,000 31,200 12,500 41,800 34,000 431,400 (a) 2,200 4,300 244,400 42,800 (b) 1,400 (c) 5,200 (e) 3,800 (c) 1,200 (d) 7,000 General expenses 28,700 Interest expense Total 1,100