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19 April, 06:53

On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash $ 27,200 Dr. 111 Accounts Receivable 15,800 Dr. 121 Supplies 2,000 Dr. 131 Prepaid Rent 38,600 Dr. 141 Equipment 44,000 Dr. 142 Accumulated Depreciation-Equip. 1,000 Cr. 202 Accounts Payable 6,500 Cr. 301 Emilio Gonzalez, Capital (12/1/2019) 45,620 Cr. 302 Emilio Gonzalez, Drawing 6,200 Dr. 401 Fees Income 112,400 Cr. 511 Advertising Expense 3,800 Dr. 514 Depreciation Expense-Equip. 800 Dr. 517 Rent Expense 2,600 Dr. 519 Salaries Expense 18,800 Dr. 523 Utilities Expense 5,720 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?

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  1. 19 April, 07:17
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    Fees Income 112,400 debit

    Income Summary 112,400 credit

    Income Summary 31,720 debit

    Advertising Expense 3,800 credit

    Depreciation Expense-Equip 800 credit

    Rent Expense 2,600 credit

    Salaries Expense 18,800 credit

    Utilities Expense 5,720 credit

    income summary 80,680‬ debit

    Emilio Gonzalez, Drawing 6,200 credit

    Emilio Gonzalez, Capital 74,480 credit

    Explanation:

    We close the temporary account which are, reveneus and expenses against income summary then we close this account balance against Emilio Capital Account along with Emilio's drawings.
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