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?

Question
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?
Expand
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?

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Trial Balance and Adjustement Entries

Journal and Ledger Balance

Book Keeping

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: 1. To what extent can, or should, accountants play a role in enhancing non-financial/extended report...

A: We’ll answer the second question since the exact one wasn’t specified. Please submit a new question ...

Q: What rules or policies should be developed to avoid the ethical problem?

A: Ethical problems: These kinds of problems arise when while making decisions neither of the options s...

Q: Can you please help me answer A) B) C)

A: The BEP majorly in cost accounting indicates the threshold at which total costs incurred and revenue...

Q: Esquire Company needs to acquire a molding machine to be used in its manufacturing process. Two type...

A: Formula: Present value Annuity : = [ 1 - ( 1 + r )-n ] / R Its the present value of future annual pa...

Q: Required: 1.  Journalize each transaction, in chronological order, in a two-column journal st...

A: “Hey, since there are multiple requirements posted, we will answer only three requirements, as per o...

Q: Accounting Question

A: Click to see the answer

Q: Use the following information to prepare a statement of cash flows (indirect method) for Sink Indust...

A: Cash flow under indirect method is prepared by computing net cash flow from operations by taking net...

Q: See attached.

A: Definition of Quick Assets: Quick assets refer to assets owned by a company with a commercial or exc...

Q: Donald (a married taxpayer filing jointly) owns a wide variety of commercial rental properties held ...

A: Click to see the answer

Q: Recording Revenue Under a Contract Modification Traders Inc. enters into a three-year office mainten...

A: As per revenue recognition principle, revenue cannot be recognised until the conditions have been fu...

Q: Logan Products has two production departments—assembly and finishing. These are supported by two ser...

A: There are 3 methods to allocate service department costs:- 1. Direct method 2. Step method 3. Recipr...

Q: Holder Ltd. purchases an options contract from Issuer Ltd. that gives Holder Ltd. the right to acqui...

A:  Australian Accounting Standard Board (AASB) develops, issues and maintains the accounting standards...

Q: Explain how a production quota used to evaluate a supervisor who can adversely affect quality contro...

A: Production Quota It refers to the goal or target of production by the management.Quotas are set eith...

Q: How could companies avoid entering into ethical conflicts in the global environment?

A: Ethical aspects have to be considered and applied by all the organizations; so that, the business op...

Q: Delineate each type of adjustment to net income for calculating cash flows from operating activities...

A: Companies prefer the direct method because the information needed to create this report is readily a...

Q: Accounting Question

A: As you have provided question with multiple subparts, we will solve the first three subparts for you...

Q: What is the purpose of adjusting entries as they relate to the difference between cash accrual accou...

A: Introduction The Main purpose of adjusting entries is to convert all cash transactions into accrual ...

Q: After all the ledgers had been drawn up, the following differences and errors were identified.Indica...

A: Rectification entry has to be passed when an error has been made in the books of accounts and cannot...

Q: For each of the five independent situations below, prepare a single journal entry that summarizes th...

A: Working note:

Q: Q.1 (b) A client approached to Incredible Fabricating and Manufacturing for a one-time special order...

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you. ...

Q: A firm has the following transactions with its product R Year 1 Opening stock: nil Buys 10 units at ...

A: First in First out method: This method is applicable on the basis of the theory of First purchase wi...

Q: A material weakness is a situation in whicha. It is probable that an immaterial financial statement ...

A: A material weakness is when there are deficiencies in the internal controls which leads to irregular...

Q: Barry Ltd. issued some convertible bonds to Bennett Ltd. They have a life of three years and pay int...

A: Convertible Bonds: Convertible bonds can be defined as a debt instrument issued by a company that ha...

Q: How does the lack of regulations or related laws affect compliance with the best ethical practices i...

A: Compliance means adhering to the law, state laws, federal laws, international laws Ethics means doin...

Q: Describe the advantages and disdvantages of the payroll tax deferral. Explain what is positive or ne...

A: Payroll taxes are shared by the employer and employee, each paying 6.2% of wages along with a 1.45% ...

Q: An airline is considering two types of enginesystems for use in its planes. Each has the same lifean...

A: Click to see the answer

Q: A firm has the following transactions with its product R Year 1 Opening stock: nil Buys 10 units at ...

A:   FIFO stands for First in and First out in this method the inventory acquired first will be sold fi...

Q: Assume that Muscular Consulting erroneously recorded the payment of $7,500 of dividends as a debit t...

A: Some of the errors not affecting Trial balance are as follows:- 1. Error of Ommission 2. Error of Co...

Q: The following pre-closing accounts and balances were drawn from the records of Carolina Company on D...

A: Definition: Balance sheet: To know financial position of the business on particular date balance she...

Q: An employee receives an hourly wage rate of $23, with time-and-a-half for all hours worked in excess...

A: Definition: The net amount payable to the employee is the amount paid net of taxes. It is calculated...

Q: Mr. Smith has had a very good year. It is early November, and he wants to ensure he sets enough mone...

A: Income tax is the part of income which is paid to the government and is mainly dependent on the inco...

Q: Alpaca Corporation had revenues of $220,000 in its first year of operations. The company has not col...

A: Income statement shows revenue earned less the expenses incurred by a business over a period of time...

Q: Joseph Ray just received an inheritance of $35,775 from his great aunt. He plans to invest the funds...

A: Future value: This is the amount of present value accumulated or compounded at a rate of interest ti...

Q: The following information applies to the Grady Company for the current year: Purchases of merchandis...

A: We have the following information: Purchases of merchandise for resale: $300,000 Merchandise return...

Q: ExxonMobil Corporation (XOM) explores, produces, and distributes oil and natural gas. The Coca-Cola ...

A: Return on assets is a profitability ratio that indicates how much revenue the company is earning in ...

Q: The manufacturing costs of Calico Industries for three months of the year are provided below:   T...

A: The high low method is used to split out mixed costs into variable cost and fixed cost.it can be cal...

Q: Taryn would like to open a new business as an interior designer, to funds her ambition she sold some...

A: As per Income Tax Act ,1977 – Australia, Capital Gain Tax (CGT) will be applicable on Collectibles l...

Q: Part B                 3 Prepare all necessary adjusting entries based on the information shown on...

A: Since the transaction values are missing from the first part of the question, calculation of ledger ...

Q: Identify important internal control activities present in a properly designed system to mitigate the...

A: Internal Control: A company’s Internal Control ensures that the operational efficiency of a company ...

Q: Prepare Income & Retained Earning Statement Need the solution in an hour. Please hurry

A: We have the following information Salaries and wages payable: $2,040 Salaries and wages expense: $5...

Q: My question is in the photo please help . Can any one help?

A: Job order costing is a costing technique used to determine cost of performing job or cost of manufac...

Q: Explain the purpose and identify the building blocks of analysis.

A: Financial analysis is the analysis of the financial statements to analyse a entity’s performance and...

Q: New Wave Images is a graphics design firm that prepares its financial statements using a calendar ye...

A: Financial Statement:   Financial statement consists of financial report and company’s financial cond...