Question

In: Accounting

Hello!! On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash...

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:

  1. Journalize the closing entries in the general journal.
  2. Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.

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!!!

Solutions

Expert Solution

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

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