On December $31,$ after adjustments, Gonzalez Companys ledger contains the following account balances:$101$Cash$ $43,200$Debit$111$Accounts receivable$17,400$Debit$121$Supplies$3,600$Debit$131$Prepaid Rent$40,200$Debit$141$Equipment$60,000$Debit$142$Accumulated depreciationEquipment$1,800$Credit$202$Accounts payable$8,100$Credit$301$Emilio Gonzalez, Capital $(12/1/20$X$1)61,620$Credit$302$Emilio Gonzalez, Drawing$7,800$Debit$401$Fees income$153,360$Credit$511$Advertising expense$5,400$Debit$514$Depreciation expenseEquipment$960$Debit$517$Rent expense$4,200$Debit$519$Salaries expense$34,800$Debit$523$Utilities expense$7,320$DebitRequired:Journalize the closing entries in the general journal.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?