On December 31, after adjustments, Ponthieu Company’s ledger contains the following account balances:

INSTRUCTIONS
1. Record the balances in the ledger accounts as of December 31.
2. Journalize the closing entries in the general journal, page 4. Use account number 399 for the Income Summary account.
3. Post the closing entries to the general ledger accounts.
Analyze:

What is the balance of the Salaries Expense account after closing entries are posted?

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101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Louis Ponthieu, Capital (12/1/20X1) 302 Louis Ponthieu, Drawing $ 47,200 Dr. 17,800 Dr. 4,000 Dr. 40,600 Dr. 64,000 Dr. 2,000 Cr. 8,500 Cr. 85,620 Cr. 8,200 Dr.