On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash.......................................................................................$ 94,400 Dr.
Question:
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances:
101 Cash.......................................................................................$ 94,400 Dr.
111 Accounts Receivable......................................................................35,600 Dr.
121 Supplies.......................................................................................8,000 Dr.
131 Prepaid Rent................................................................................81,200 Dr.
141 Equipment..................................................................................128,000 Dr.
142 Accumulated Depreciation-Equip. .......................................................4,000 Cr.
202 Accounts Payable...................................................................................17,000 Cr.
301 Emilio Gonzalez, Capital (12/1/2019) ................................................131,240 Cr.
302 Emilio Gonzalez, Drawing....................................................................16,400 Dr.
.png)
401 Fees Income.................................................................327,200 Cr.
511 Advertising Expense.........................................................11,600 Dr.
514 Depreciation Expense-Equip. .............................................2,000 Dr.
517 Rent Expense...................................................................9,200 Dr.
519 Salaries Expense...............................................................77,600 Dr.
523 Utilities Expense...............................................................15,440 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 are posted?
Step by Step Answer:
GENERAL JOURNAL PAGE 4 DATE DESCRIPTION POST REF DEBIT CREDIT 1 Closing Entries 1 2 2019 2 3 Dec 31 Fees Income 401 327 2 0 0 00 3 4 Income Summary 399 327 2 0 0 00 4 5 5 6 31 Income Summary 399 115 8 ...View the full answer
College Accounting A Contemporary Approach
ISBN: 978-0077639730
4th edition
Authors: David Haddock, John Price, Michael Farina
