• Record the closing entry for revenue.
• Record the closing entry for expenses.
• Record the closing entry for the balance of income summary.
• Record the closing entry for the drawing account.

Problem 6.3A Journalizing and posting closing entries. LO 6-1 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 (12/1/2019) 302 Emilio Gonzalez, Drawing 401 Fees Income 511 Advertising Expense 514 Depreciation Expense-Equip. 517 Rent Expense 519 Salaries Expense 523 Utilities Expense $ 38,200 Dr. 16,900 Dr. 3,100 Dr. 39,700 Dr. 55,000 Dr. 1,550 Cr. 7,600 Cr. 56,620 Cr. 7,300 Dr. 140,560 Cr. 4,900 Dr. 910 Dr. 3,700 Dr. 29,800 Dr. 6,820 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 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, 2019 Dec 31, 2019 Dec 31, 2019 Emilio Gonzalez, Drawing Date Debit Dec 31, 2019 Dec 31, 2019 Account No. 399 Credit Balance Account No. 401 Credit Balance Income Summary Date Debit Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Fees Income Date Debit Dec 31, 2019 Dec 31, 2019 Account No. 511 Credit Balance Advertising Expense Date Debit Dec 31, 2019 Dec 31, 2019 Depreciation Expense- Equipment Date Debit Dec 31, 2019 Dec 31, 2019 Account No. 514 Credit Balance Account No. 517 Credit Balance Account No. 519 Credit Balance Rent Expense Date Debit Dec 31, 2019 Dec 31, 2019 Salaries Expense Date Debit Dec 31, 2019 Dec 31, 2019 Account No. 523 Credit Balance Utilities Expense Date Debit Dec 31, 2019 Dec 31, 2019