On December 31, after adjustments, Gomez Company's ledger contains the following account balances: 101...

On December 31, after adjustments, Gomez Company's ledger contains the following account balances:


101	Cash	$	47,200	Dr.
111	Accounts Receivable		17,800	Dr.
121	Supplies		4,000	Dr.
131	Prepaid Rent		40,600	Dr.
141	Equipment		64,000	Dr.
142	Accumulated Depreciation—Equip.		2,000	Cr.
202	Accounts Payable		8,500	Cr.
301	Andrea Gomez, Capital (12/1/2016)		65,620	Cr.
302	Andrea Gomez, Drawing		8,200	Dr.
401	Fees Income		163,600	Cr.
511	Advertising Expense		5,800	Dr.
514	Depreciation Expense—Equip.		1,000	Dr.
517	Rent Expense		4,600	Dr.
519	Salaries Expense		38,800	Dr.
523	Utilities Expense		7,720	Dr.

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?

Solutions

Expert Solution

Closing entries:
Date	General journal					Debit	Credit
Dec 31.	Fees Income					163600
	Income summary						163600
	(To close revenue account)
Dec 31.	Income summary					57,920
	Advertising Expense						5,800
	Depreciation Expense—Equip.						1,000
	Rent Expense						4,600
	Salaries Expense						38,800
	Utilities Expense						7,720
	(To close expense accounts)
Dec 31.	Income summary			(163600-57920)		105680
	Andrea Gomez, Capital						105680
	(To close income summary account)
Dec 31.	Andrea Gomez, Capital					8200
	Andrea Gomez, Drawing						8200
	(To close drawing account)

	Andrea Gomez, Capital			Andrea Gomez, Drawing
Date	Debit	Date	Credit		Date	Debit	Date	Credit
Dec 31.	8200	Bal.	65620		Bal.	8200	Dec 31.	8200
		Dec 31.	105680			8200		8200
	8200		171300
			163100

	Fees Income				Advertising Expense
Date	Debit	Date	Credit		Date	Debit	Date	Credit
Dec 31.	163600	Bal.	163600		Bal.	5800	Dec 31.	5800
	163600		163600			5800		5800

	Depreciation Expense—Equip.		Rent Expense
Date	Debit	Date	Credit		Date	Debit	Date	Credit
Bal.	1000	Dec 31.	1000		Bal.	4600	Dec 31.	4600
	1000		1000			4600		4600

	Salaries Expense				Utilities Expense
Date	Debit	Date	Credit		Date	Debit	Date	Credit
Bal.	38800	Dec 31.	38800		Bal.	7720	Dec 31.	7720
	38800		38800			7720		7720

	Income summary
Date	Debit	Date	Credit
Dec 31.	57920	Dec 31.	163600
Dec 31.	105680
	163600		163600

balance of the salaries expense account after closing entries are posted=$ 0

ekkarill92 answered 1 year ago

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