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On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash $ 27,200 Dr. 111 Accounts receivable 15,800 Dr. 121 Supplies
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances:
101 | Cash | $ | 27,200 | Dr. | |
111 | Accounts receivable | 15,800 | Dr. | ||
121 | Supplies | 2,000 | Dr. | ||
131 | Prepaid Rent | 38,600 | Dr. | ||
141 | Equipment | 44,000 | Dr. | ||
142 | Accumulated depreciationEquip. | 1,000 | Cr. | ||
202 | Accounts payable | 6,500 | Cr. | ||
301 | Emilio Gonzalez, Capital (12/1/20X1) | 45,620 | Cr. | ||
302 | Emilio Gonzalez, Drawing | 6,200 | Dr. | ||
401 | Fees income | 112,400 | Cr. | ||
511 | Advertising expense | 3,800 | Dr. | ||
514 | Depreciation expenseEquip. | 800 | Dr. | ||
517 | Rent expense | 2,600 | Dr. | ||
519 | Salaries expense | 18,800 | Dr. | ||
523 | Utilities expense | 5,720 | Dr. | ||
Required:
- 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?
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