Problem 6.3A (Static) Journalizing and posting closing entries. LO 6-1 On December 31, after adjustments, Ponthieu Company's ledger contains the following account balances: 101 Cash. $ 47,200 Dr. 111 Accounts receivable 17,800 Dr. 121 Supplies 4,000 Dr. 131 Prepaid rent 40,600 Dr. 141 Equipment 64,000 Dr. 142 Accumulated depreciation-Equip. 2,000 Cr. 202 Accounts payable. 8,500 Cr. 301 Louis ponthieu, Capital (12/1/20x1) 302 Louis ponthieu, Drawing 85,620 Cr. 8,200 Dr. 401 Fees income 511 Advertising expense 514 Depreciation expense-Equip. 517 519 523 Rent expense Salaries expense Utilities expense 163,600 Cr. 5,800 Dr. 1,000 Dr. 4,600 Dr. 38,800 Dr. 7,720 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. Analyze: What is the balance of the Salaries Expense account after closing entries are posted? Required 1 Required 2 Analyze Journalize the closing entries in the general journal. No Date General Journal Debit Credit Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. Louis Ponthieu, Capital Account No. 301 Debit Credit Balance Louis Ponthelu, Drawing Date Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 8,200 Account No. 302 Debit Credit Balance Date Dec 31, 20X1 (8,200) Dec 31, 20X1 8,200 8,200 Income Summary Account No. 399 Fees Income Date Debit Credit Balance Date Debit Credit Account No. 401 Balance. Dec 31, 20X1 S 105,680 (105,680) Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 163,600 -163600 Dec 31, 20X1 Depreciation Expense- Equipment Date Debit Credit Account No. 514 Balance Dec 31, 20X1 5,800 Dec 31, 20X1 1,000.00 1,000 Salaries Expense Account No. 519 Date Dec 31, 20X1 Debit Credit Balance 4600 Dec 31, 20X1 38,800 38,800 Advertising Expense Date Dec 31, 20X1 Dec 31, 20X1 Account No. 511 Debit Credit Balance 5,800 Rent Expense Account No. 517 Date Debit Credit Balance Dec 31, 20X1 Dec 31, 20X1 4,600 Utilities Expense Account No. 523 Utilities Expense Date Dec 31, 20X1 Dec 31, 20X1 Account No. 523 Debit Credit 7,720x Balance 7,720