Requirement 2 How much net income or net loss did Summers Sign Company earn for

Requirement 2 how much net income or net loss did

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Requirement 2. How much net income or net loss did Summers Sign Company earn for the year ended January 31? How can you tell? 10. San Marcos Veterinary Hospital completed the following worksheet as of December 31, 2018. San Marcos Veterinary Hospital Worksheet December 31, 2018   Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Names Debit Credit   Debit Credit Debit Credit Cash $29,300           $29,300 Accounts Receivable 9,500   (f) $1,500     11,000 Office Supplies 1,000       (b) $100 900 Prepaid Rent 4,000       (a) 350 3,650 Equipment 24,000           24,000 Accumulated  Depreciation— Equipment         (c) 1,700   $1, Accounts Payable   $4,500           4, Utilities Payable   280           Salaries Payable         (e) 1,175   1,
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Unearned Revenue   8,000 (d) 1,400       6, Common Stock   37,000           37, Retained Earnings   51,520         51, Dividends 25,000           25,000 Service Revenue   29,000     (d, f) 2,900   31, Rent Expense 21,000   (a) 350     21,350 Salaries Expense 10,000   (e) 1,175     11,175 Supplies Expense     (b) 100     100 Utilities Expense 6,500           6,500 Depreciation Expense —Equipment     (c) 1,700     1,700 Total $ 130,300 $ 130,300   $ 6,225   $ 6,225 $ 134,675 $ 134, Requirement 1. Complete the worksheet for San Marcos Veterinary Hospital. Complete the worksheet bypreparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step. San Marcos Veterinary Hospital Worksheet December 31, 2018   Adjusted Income   Trial Balance Statement Account Names Debit Credit Debit Credit Cash $29,300       Accounts Receivable 11,000       Office Supplies 900       Prepaid Rent 3,650       Equipment 24,000       Accumulated Depreciation— Equipment   $1,700     Accounts Payable   4,500     Utilities Payable   280     Salaries Payable   1,175     Unearned Revenue   6,600     Common Stock   37,000     Retained Earnings   51,520     Dividends 25,000       Service Revenue   31,900   $31,900 Rent Expense 21,350   $21,350   Salaries Expense 11,175   11,175  
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      40,825                                                                           Requirement 2. Prepare the closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)  Start by closing revenues.  
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                              To close revenues.     Close expenses for the period. Date Accounts and Explanation Debit Credit Dec. 31 Income Summary 40,825   Clos. (2) Rent Expense   21,350       Salaries Expense   11,175       Supplies Expense   100       Utilities Expense   6,500       Depreciation Expense—Equipment   1,700       To close expenses.     Close Income Summary. Date Accounts and Explanation Debit Credit Dec. 31 Retained Earnings 8,925   Clos. (3) Income Summary   8,925                               To close Income Summary.     Close Dividends. Date
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