Reference no: EM132680336
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances:
101 Cash $94,400Dr.
111 Accounts Receivable 35,600Dr.
121 Supplies 8,000Dr.
131 Prepaid Rent 81,200Dr.
141 Equipment 128,000Dr.
142 Accumulated Depreciation-Equip. 4,000Cr.
202 Accounts Payable 17,000Cr.
301 Emilio Gonzalez, Capital (12/1/2019) 131,240Cr.
302 Emilio Gonzalez, Drawing 16,400Dr.
401 Fees Income 327,200Cr.
511 Advertising Expense 11,600Dr.
514 Depreciation Expense-Equip. 2,000Dr.
517 Rent Expense 9,200Dr.
519 Salaries Expense 77,600Dr.
523 Utilities Expense 15,440Dr.
Required:
Question 1: Journalize the closing entries in the general journal.
Question 2: Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
Analyze:
Question 3: What is the balance of the Salaries Expense account after closing entries are posted?
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