The adjusted trial balance of Stone Sign C STONE SIGN COMPANY Adjusted Trial Balance January 31, 2018 Balance Credit Debit Account Title $ 15,400 Cash 1,500 Office Supplies 1,400 Prepaid Rent 60,000 Equipment $ 7,000 Accumulated Depreciation-Equipment Accounts Payable 3,800 100 Salaries Payable 4,200 Unearned Revenue 4,300 Notes Payable (long-term) 48,800 Stone, Capital Stone, Withdrawals 800 Service Revenue 17,300 Salaries Expense 3,700 Rent Expense 1,400 Depreciation Expense-Equipment 400 Supplies Expense 300 Utilities Expense 600 Total $ 85,500 $ 85,500 Requirements 1. Assume Stone Sign Company has a January 31 year-end. Journalize Stone's closin 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?

The adjusted trial balance of Stone Sign C STONE SIGN COMPANY Adjusted Trial Balance January 31, 2018 Balance Credit Debit Account Title $ 15,400 Cash 1,500 Office Supplies 1,400 Prepaid Rent 60,000 Equipment $ 7,000 Accumulated Depreciation-Equipment Accounts Payable 3,800 100 Salaries Payable 4,200 Unearned Revenue 4,300 Notes Payable (long-term) 48,800 Stone, Capital Stone, Withdrawals 800 Service Revenue 17,300 Salaries Expense 3,700 Rent Expense 1,400 Depreciation Expense-Equipment 400 Supplies Expense 300 Utilities Expense 600 Total $ 85,500 $ 85,500 Requirements 1. Assume Stone Sign Company has a January 31 year-end. Journalize Stone's closin 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?

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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