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

101	Cash	$	94,400	Dr.
111	Accounts Receivable		35,600	Dr.
121	Supplies		8,000	Dr.
131	Prepaid Rent		81,200	Dr.
141	Equipment		128,000	Dr.
142	Accumulated DepreciationEquip.		4,000	Cr.
202	Accounts Payable		17,000	Cr.
301	Emilio Gonzalez, Capital (12/1/2019)		131,240	Cr.
302	Emilio Gonzalez, Drawing		16,400	Dr.
401	Fees Income		327,200	Cr.
511	Advertising Expense		11,600	Dr.
514	Depreciation ExpenseEquip.		2,000	Dr.
517	Rent Expense		9,200	Dr.
519	Salaries Expense		77,600	Dr.
523	Utilities Expense		15,440	Dr.

Required:

1. Journalize the closing entries in the general journal.
2. Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
3. Analyze: What is the balance of the Salaries Expense account after closing entries are posted?

Req 1. Journalize the closing entries in the general journal.

• 1. Record the closing entry for revenue.

• 2. Record the closing entry for expenses.

• 3. Record the closing entry for the balance of income summary.

• 4. Record the closing entry for the drawing account.

Req 2. Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.

Emilio Gonzalez, Capital		Account No. 301			Emilio Gonzalez, Drawing		Account No. 302
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Dec 31, 2019			131,240		Dec 31, 2019			16,400
Dec 31, 2019					Dec 31, 2019
Dec 31, 2019
Income Summary		Account No. 399			Fees Income		Account No. 401
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Dec 31, 2019					Dec 31, 2019			327,200
Dec 31, 2019					Dec 31, 2019
Dec 31, 2019
Advertising Expense		Account No. 511			Depreciation ExpenseEquipment		Account No. 514
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Dec 31, 2019			11,600		Dec 31, 2019			2,000
Dec 31, 2019					Dec 31, 2019
Rent Expense		Account No. 517			Salaries Expense		Account No. 519
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Dec 31, 2019			9,200		Dec 31, 2019			77,600
Dec 31, 2019					Dec 31, 2019
Utilities Expense		Account No. 523
Date	Debit	Credit	Balance
Dec 31, 2019			15,440
Dec 31, 2019

Req 3. What is the balance of the salaries expense account after closing entries are posted?