On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash 111 Accounts receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated depreciation-Equip. 202 Accounts payable 301 Emilio Gonzalez, Capital (12/1/20X1) 302 Emilio Gonzalez, Drawing 401 Fees income 511 Advertising expense 514 Depreciation expense-Equip. 517 Rent expense 519 Salaries expense 523 Utilities expense $ 27, 200 Dr. 15, 800 Dr 2,000 Dr 38, 600 Dr. 44,000 Dr. 1,000 Cr. 6,500 Cr 45, 620 Cr 6,200 Dr 112, 400 Cr. 3, 800 Dr. 800 Dr. 600 Dr 18, 800 Dr. 5, 720 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. Required 1 Required 2 Analyze Journalize the closing entries in the general journal. View transaction list Journal entry worksheet Record the closing entry for revenue. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 20X1 Record entry Clear entry View general journal Required 1 Required 2 Analyze Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. Account No. 301 Credit Balance Account No. 302 Credit Balance Emilio Gonzalez, Capital Date Debit Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Emilio Gonzalez, Drawing Date Debit Dec 31, 20X1 Dec 31, 20X1 Income Summary Account No. 399 Credit Balance Account No. 401 Credit Balance Debit Date Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Fees Income Date Debit Dec 31, 20X1 Dec 31, 20X1 Advertising Expense Account No. 511 Account No. 514 Date Debit Credit Balance Credit Depreciation Expense- Equipment Date Debit Dec 31, 20X1 Dec 31, 20X1 Balance Dec 31, 20X1 Dec 31, 20X1 Account No. 517 Credit Balance Account No. 519 Credit Balance Rent Expense Date Debit Dec 31, 20X1 Dec 31, 20X1 Salaries Expense Date Debit Dec 31, 20X1 Dec 31, 20X1 Utilities Expense Date Debit Account No. 523 Credit Balance Dec 31, 20X1 Dec 31, 20X1 Required 1 Required 2 Analyze What is the balance of the Salaries Expense account after closing entries are posted? Salaries expense