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

101

Cash

$

28,200

Dr.

111

Accounts Receivable

15,900

Dr.

121

Supplies

2,100

Dr.

131

Prepaid Rent

38,700

Dr.

141

Equipment

45,000

Dr.

142

Accumulated DepreciationEquip.

1,050

Cr.

202

Accounts Payable

6,600

Cr.

301

Emilio Gonzalez, Capital (12/1/2019)

46,620

Cr.

302

Emilio Gonzalez, Drawing

6,300

Dr.

401

Fees Income

114,960

Cr.

511

Advertising Expense

3,900

Dr.

514

Depreciation ExpenseEquip.

810

Dr.

517

Rent Expense

2,700

Dr.

519

Salaries Expense

19,800

Dr.

523

Utilities Expense

5,820

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?

Journal entry worksheet

Record the closing entry for revenue.

Note: Enter debits before credits.

Journalize the closing entries in the general journal.

Date	General Journal	Debit	Credit
Dec 31, 2019

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					Dec 31, 2019
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
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					Dec 31, 2019
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					Dec 31, 2019
Dec 31, 2019					Dec 31, 2019
Utilities Expense		Account No. 523
Date	Debit	Credit	Balance
Dec 31, 2019
Dec 31, 2019

Required 1

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

Salaries expense