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STONE SIGN COMPANY Adjusted Trial Balance January 31, 2018 Balance Account Title Debit Credit Cash $ 15,400 Office Supplies 1,500 Prepaid Rent 1,400 Equipment 60,000 Accumulated Depreciation-Equipment $ 7,000 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 Total S 85,500 $ 85,500

STONE SIGN COMPANY Adjusted Trial Balance January 31, 2018 Balance Account Title Debit Credit Cash $ 15,400 Office Supplies 1,500 Prepaid Rent 1,400 Equipment 60,000 Accumulated Depreciation-Equipment $ 7,000 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 Total S 85,500 $ 85,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Preparing closing entries from an adjusted trial balance

The adjusted trial balance of Stone Sign Company follows:

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?
STONE SIGN COMPANY Adjusted Trial Balance January 31, 2018 Balance Account Title Debit Credit Cash $ 15,400 Office Supplies 1,500 Prepaid Rent 1,400 Equipment 60,000 Accumulated Depreciation-Equipment $ 7,000 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 Total S 85,500 $ 85,500
Transcribed Image Text:STONE SIGN COMPANY Adjusted Trial Balance January 31, 2018 Balance Account Title Debit Credit Cash $ 15,400 Office Supplies 1,500 Prepaid Rent 1,400 Equipment 60,000 Accumulated Depreciation-Equipment $ 7,000 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 Total S 85,500 $ 85,500
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