Question
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101Cash$94,400Dr.111Accounts Receivable35,600Dr.121Supplies8,000Dr.131Prepaid Rent81,200Dr.141Equipment128,000Dr.142Accumulated DepreciationEquip.4,000Cr.202Accounts Payable17,000Cr.301Emilio Gonzalez, Capital (12/1/2019)131,240Cr.302Emilio Gonzalez, Drawing16,400Dr.401Fees Income327,200Cr.511Advertising Expense11,600Dr.514Depreciation
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances:
101Cash$94,400Dr.111Accounts Receivable35,600Dr.121Supplies8,000Dr.131Prepaid Rent81,200Dr.141Equipment128,000Dr.142Accumulated DepreciationEquip.4,000Cr.202Accounts Payable17,000Cr.301Emilio Gonzalez, Capital (12/1/2019)131,240Cr.302Emilio Gonzalez, Drawing16,400Dr.401Fees Income327,200Cr.511Advertising Expense11,600Dr.514Depreciation ExpenseEquip.2,000Dr.517Rent Expense9,200Dr.519Salaries Expense77,600Dr.523Utilities Expense15,440Dr.
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 theSalaries Expenseaccount after closing entries are posted?
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Corporate Financial Accounting
Authors: Carl S Warren, Jeff Jones
16th Edition
0357510380, 978-0357510384
