On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances:

101	Cash	$	38,200	Dr.
111	Accounts receivable		16,900	Dr.
121	Supplies		3,100	Dr.
131	Prepaid Rent		39,700	Dr.
141	Equipment		55,000	Dr.
142	Accumulated depreciationEquip.		1,550	Cr.
202	Accounts payable		7,600	Cr.
301	Emilio Gonzalez, Capital (12/1/20X1)		56,620	Cr.
302	Emilio Gonzalez, Drawing		7,300	Dr.
401	Fees income		140,560	Cr.
511	Advertising expense		4,900	Dr.
514	Depreciation expenseEquip.		910	Dr.
517	Rent expense		3,700	Dr.
519	Salaries expense		29,800	Dr.
523	Utilities expense		6,820	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?