Homework: Week score: 0 of 1 pt E4-20 (similar to) 3 - Chapter 04 exercises 4 6
ID: 2393399 • Letter: H
Question
Homework: Week score: 0 of 1 pt E4-20 (similar to) 3 - Chapter 04 exercises 4 6 of 8 (0 complete) Save 6 of 8 (0 complete) HW Score: 0%, 0 of 8 pt Question Help The adjusted trial balance of Sully Sign Company follows: ?(Click the icon to view the adjusted trial balance.) Requirements 1. Assume Sully Sign Company has a January 31 year-end Journalize Sully's closing entries at January 31 2. How much net income or net loss did Sully earn for the year ended January 31? How can you tell? Requirement 1. Assume Sully Sign Company has a January 31 year-end. Jounalize Sully's closing entries at January 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) First, we will close the Service Revenue account DebitC Date Accounts and Explanation Credit Jan. 31Explanation / Answer
(a). Sully’s Closing Journal Entries at January 31
Date
Accounts Tittles and Explanations
Debit ($)
Credit ($)
Jan 31
Service Revenue A/c
17,400
To Income Summary A/c
17,400
Jan 31
Income Summary A/c
6,100
To Salaries Expense A/c
3,800
To Rent Expenses A/c
1,000
To Depreciation Expenses – Equipment A/c
200
To Supplies Expenses A/c
300
To Utilities Expenses A/c
800
Jan 31
Income Summary A/c
11,300
To Sully – Capital A/c
11,300
Jan 31
Sully – Capital A/c
To Sully –Withdrawal
800
800
(b). Sully has earned a Net Income of $11,300 for the year ended January 31
Date
Accounts Tittles and Explanations
Debit ($)
Credit ($)
Jan 31
Service Revenue A/c
17,400
To Income Summary A/c
17,400
Jan 31
Income Summary A/c
6,100
To Salaries Expense A/c
3,800
To Rent Expenses A/c
1,000
To Depreciation Expenses – Equipment A/c
200
To Supplies Expenses A/c
300
To Utilities Expenses A/c
800
Jan 31
Income Summary A/c
11,300
To Sully – Capital A/c
11,300
Jan 31
Sully – Capital A/c
To Sully –Withdrawal
800
800
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