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
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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?
Transcribed Image Text: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?
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