The adjusted trial balance of Smith Sign Company follows TI

The adjusted trial balance of Smith Sign Company follows TI (Cick the icon to iew the adjusted trial balance) 1. Assume Smith Sagn Company has a January 31 year end Jounmaline Stscsing entries at January 31 2. How much net income or net loss did Smith Sign Company eam for the year ended January 317 How can you tel? Smith Sign Company Adjusted Trial Balance lanuary 31, 2018 Balance Requirement 1. Assume Smth Sign Company has a January 31 year end Joumaliune Smithy\'s closing entries at Januay 31 (Record Frst, close revenues Debit Credit Account Title Cash Office Supples Prepaid Rent $ 14,600 1,200 ,200 46,000 Accounts and Esglanation Debi Credit 1 Service Revenue 5,500 4,700 Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Uneamed Revenue Notes Payable 0ong berm) Common Stock o close evenu 3,600 6,700 32,300 Nex, close the expese accours Accounts and Explanation Debit Credit 1,100 Rent Expense Service Revenue Salaries Expense Rent Expense 18 100 3,400 1,200 400 500 peseEquipment Supples Expense Print Done Choose tom any list or enter any numtber in the ieput holds and then contnue to the next questor

Solution

Since, multiple questions have been posted, I have answered the first one. Also, the trial balance provided for Smith Sign Company is not complete. So I had to calculate total balance of both debit and credit side and a difference of $900 on debit side came.

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Requirement 1)

The journal entry to close revenues is prepared as below:

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The journal entry to close expense accounts is given as follows:

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The journal entry to close the income summary account is given as below:

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The journal entry to close the dividends account is prepared as below:

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Requirement 2)

The company had net income of $11,700. We know this because revenues exceeded expenses by this amount and this was the balance in income summary account when it was closed.

Date	Accounts and Explanation	Debit	Credit
31-Jan	Service Revenue	$18,100
	Income Summary		$18,100
	(To close revenue)