Question

Cant seem to figure out what is wrong here?

On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash $ 94,400 Dr. 111 Accounts Receivable 35,600 Dr. 121 Supplies 8,000 Dr. 131 Prepaid Rent 81,200 Dr. 141 Equipment 128,000 Dr. 142 Accumulated Depreciation—Equip. 4,000 Cr. 202 Accounts Payable 17,000 Cr. 301 Emilio Gonzalez, Capital (12/1/2019) 131,240 Cr. 302 Emilio Gonzalez, Drawing 16,400 Dr. 401 Fees Income 327,200 Cr. 511 Advertising Expense 11,600 Dr. 514 Depreciation Expense—Equip. 2,000 Dr. 517 Rent Expense 9,200 Dr. 519 Salaries Expense 77,600 Dr. 523 Utilities Expense 15,440 Dr. Required: Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.

Emilio Gonzalez, Capital Account No. 301 Emilio Gonzalez, Drawing Account No. 302 Date Debit Credit Balance Date Debit Credit Balance Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 16,400 (16,400) Dec 31, 2019 16,400 (16,400) Dec 31, 2019 211,360 194,960 Income Summary Account No. 399 Fees Income Account No. 401 Date Debit Credit Balance Date Debit Credit Balance Dec 31, 2019 $115,840 (115,840) Dec 31, 2019 Dec 31, 2019 $327,200 211,360 Dec 31, 2019 327,200 -327200 Dec 31, 2019 211,360 0 Advertising Expense Account No. 511 Depreciation Expense—Equipment Account No. 514 Date Debit Credit Balance Date Debit Credit Balance Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 11,600 (11,600) Dec 31, 2019 2,000 (2,000) Rent Expense Account No. 517 Salaries Expense Account No. 519 Date Debit Credit Balance Date Debit Credit Balance Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 9,200 -9200 Dec 31, 2019 77,600 (77,600) Utilities Expense Account No. 523 Date Debit Credit Balance Dec 31, 2019 Dec 31, 2019 15,440 (15,440)

Answer 1