Problem 6.3A (Static) Journalizing and posting closing entries. LO 6-1

On December 31, after adjustments, Ponthieu Companys 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 depreciationEquip.		2,000	Cr.
202	Accounts payable		8,500	Cr.
301	Louis ponthieu, Capital (12/1/20X1)		85,620	Cr.
302	Louis ponthieu, Drawing		8,200	Dr.
401	Fees income		163,600	Cr.
511	Advertising expense		5,800	Dr.
514	Depreciation expenseEquip.		1,000	Dr.
517	Rent expense		4,600	Dr.
519	Salaries expense		38,800	Dr.
523	Utilities expense		7,720	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.

Analyze: What is the balance of the Salaries Expense account after closing entries are posted?

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2
• Analyze

Journalize the closing entries in the general journal.

Journal entry worksheet

• Record the closing entry for revenue.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Dec 31, 20X1

Journal entry worksheet

• Record the closing entry for expenses.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Dec 31, 20X1

• Required 1