In: Accounting
Hello!!
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances:
101 | Cash | $ | 33,200 | Dr. | |
111 | Accounts receivable | 16,400 | Dr. | ||
121 | Supplies | 2,600 | Dr. | ||
131 | Prepaid Rent | 39,200 | Dr. | ||
141 | Equipment | 50,000 | Dr. | ||
142 | Accumulated depreciation—Equip. | 1,300 | Cr. | ||
202 | Accounts payable | 7,100 | Cr. | ||
301 | Emilio Gonzalez, Capital (12/1/20X1) | 51,620 | Cr. | ||
302 | Emilio Gonzalez, Drawing | 6,800 | Dr. | ||
401 | Fees income | 127,760 | Cr. | ||
511 | Advertising expense | 4,400 | Dr. | ||
514 | Depreciation expense—Equip. | 860 | Dr. | ||
517 | Rent expense | 3,200 | Dr. | ||
519 | Salaries expense | 24,800 | Dr. | ||
523 | Utilities expense | 6,320 | Dr |
Required:
Analyze:
What is the balance of the Salaries
Expense account after closing entries are posted?
3 Requirements:
Journalize the closing entries in the General journal
Post closing entries to the general ledger accounts.
Analyze (Salaries expense)
Thank you very much!!!
1 | Date | Accounts and Explanation | Debit | Credit |
Dec 31 | Fees Income | 127,760 | ||
Income Summary | 127,760 | |||
(To record close of revenue account) | ||||
Dec 31 | Income Summary | 39,580 | ||
Advertising expense | 4,400 | |||
Depreciation expense—Equip. | 860 | |||
Rent expense | 3,200 | |||
Salaries expense | 24,800 | |||
Utilities expense | 6,320 | |||
(To record close of expenses account) | ||||
Dec 31 | Income Summary | 88,180 | ||
Emilio Gonzalez, Capital | 88,180 | |||
Dec 31 | Emilio Gonzalez, Capital | 6,800 | ||
Emilio Gonzalez, Drawing | 6,800 | |||
3 | The balance of the Salaries Expense account | $0 | ||