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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
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 DepreciationEquip. | 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 ExpenseEquip. | 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?
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