On December 31, after adjustments, Gomez Companys ledger contains the following account balances: 101 Cash .................$47,200 Dr.

On December 31, after adjustments, Gomez 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 Andrea Gomez, Capital (12/1/2016) .... 65,620 Cr.

302 Andrea Gomez, Drawing......... 8,200 Dr.

401 Fees Income ...............163,600 Cr.
511 Advertising Expense........... 5,800 Dr.
514 Depreciation Expense—Equip. ...... 1,000 Dr.
517 Rent Expense .............. 4,600 Dr.
519 Salaries Expense........... 38,800 Dr.
523 Utilities Expense........... 7,720 Dr.
INSTRUCTIONS
1. Record the balances in the ledger accounts as of December 31.
2. Journalize the closing entries in the general journal, page 4. Use account number 399 for the Income Summary Account.
3. Post the closing entries to the general ledger accounts.
Analyze: What is the balance of the Salaries Expense account after closing entries areposted?

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The King Group Worksheet Month Ended December 31, 2016 TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEEIT CREDIT DEEIT CREDIT Cash Accounts Receivoble Supplies Prepaid Advertising Equipment Accumulated Depreciation -Equipment Accounts Payable Delva King, Capital Delva King, Drawing Fees Income Supplies Expense Advertising Expense Depreciation Exense-Equipment Salares Expense Utilities Expense Totals Wet Income 93 400 00 13 000 00 8 000 00 32 000 00 85 000 00 o) 3 4 00 00 (b) 4000 00 (c)34 0 0 00 13 000 00 1421 01 0101 00 9 400 00 103 5 00 00 (a) 3 40o 00 b) 00000 (c) 3 400 00 15 400 00 2300 00 258 500 00 258 50o o10 8o 10 800100