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amid [387]
2 years ago
15

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?
Business
1 answer:
natita [175]2 years ago
4 0

Answer:

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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