Question

The adjusted trial balance of Smith Sign Company follows:

Answer 1

Following are the general entry to the given question:

For Question 1:

Date             Account Titles and Explanation                   Dr              Cr

31-Jan-2024              Revenue Service                      $17,500  

                                   Summary of Income                                    $17,500

                             (Finishing the revenue account)  

31-Jan-2024     Summary of Income                        $7,100  

                                  Expense of Salary                                     $3,600

                                   Expense on rent                                             $1,800

                        Expense of Depreciation - equipment                   $300

                               Expense on Supplies                                            $400

                                 Expense on Utilities                                           $1,000

                           (To close the expenditure account)  

31-Jan-2024    Summary of Income                           $10,400  

                                Retained Earnings                                    $10,400

                 (To bring net income into line with retained profits)  

31-Jan-2024           Retained Earnings                       $1,000  

                                             Dividend                                             $1,000

               (To close net dividend to retained earnings)  

For Question 2:

A net income of $10,400 is generated. They may compute it by subtracting total expenses from the entire revenue.

Total Revenue= $17,500

Total Expenses=$7,100

$\text{Net Income= Total Revenue-Total Expenses}$

                  $\bold{= \ 17,500 - \ 7,100} \\\\ \bold{=\ 10,400}$

• Please find the complete question in the attachment file.

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