Need my journal entry reviewed to see if correct. The closing entries to the gen
ID: 2520391 • Letter: N
Question
Need my journal entry reviewed to see if correct. The closing entries to the general ledger done and to analyze What is the balance of the Salaries Expense account after closing entries are posted?
Week 5 Assignment Fle ? pnri, E-mail Burn, Opin, What is thc balance of the Salories Expense account after closing entries are postcd? 2 Complete this question by entering your answers in the tabs below. Required 1 Reuired 2Ayze ournalize the closing entrias in the general joumal. Mew transacrion list Vew journal entry workshest Date Debit 1Dec 31, 2019 Fecs income 120,080 On December 3, after acjustments, Gonzalez Company's ledger con Income aummary 120,080 111 Accounts neceivable 121 Supplies 131 Prepsid Rent 41 Fquipment 142 Accunulated Depreciation Equip 202 Accounts Paysble 2Dat 31, 2019 Incoma summary 16,180 Dr 2,300 Dr Advertising expense Rent expense Salarles expense Uliities expense Dapraciation xpensa-Equipment 4,100 2,900 21,800 6,020 1,15 Cr. 1 tmilio 0onzslez, Copital (12 1/2819) 128,888 cr 4,100 D 511 Advertising Expense 514 epreciation txpense-tquip. 17ent Expens 51.9 5a?aries Expense 23 Utilities xpense 3Dec 31, 2019 Incame summary 84,430 21,580 Dr Emillo Gonzale, Capital 84,430 4Dac 31, 2019 Emilo Gonzalaz, Capital 6500 Emiio Gonealez, Drawing 6,500 Required Required 2>Explanation / Answer
Answer 1. Closing Journal Entry Date Particulars Dr. Amt Cr. Amt. 31-Dec Fees Income 120,080.00 Income Summary 120,080.00 31-Dec Income Summary - Salaries Expense - Utilities Expense - Rent Expense - Advertising Expense - Depreciation Expense - Equipment - 31-Dec Income Summary 120,080.00 Emilio Gonzalez, Capital 120,080.00 31-Dec Emilio Gonzalez, Capital 6,500.00 Emilio Gonzalez, Drawings 6,500.00 Answer 2. Cash Accounts Receivable Supplies Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance Bal. 30,200.00 Dr. Bal. 16,100.00 Dr. Bal. 2,300.00 Dr. 30,200.00 Dr. 16,100.00 Dr. Dr. Prepaid Rent Equipment Accumulated Dep. - Equipment Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance Bal. 38,900.00 Dr. Bal. 47,000.00 Dr. Bal. 1,150.00 Cr. 31-Dec 38,900.00 Dr. 31-Dec 1,150.00 Cr. Accounts Payable Emilio Gonzalez, Capital Emilio Gonzalez, Drawings Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance Bal. 6,800.00 Cr. Bal. 48,620.00 Cr. Bal. 6,500.00 Dr. 31-Dec 84,430.00 133,050.00 Cr. 31-Dec 6,500.00 - Dr. 31-Dec 6,500.00 126,550.00 Cr. Fees Income Salaries Expense Utilities Expense Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance Bal. 120,080.00 Cr. Bal. 21,800.00 Dr. Bal. 6,020.00 Dr. 31-Dec 120,080.00 - Dr. 31-Dec 21,800.00 - Dr. 31-Dec 6,020.00 - Dr. Rent Expense Advertising Expense Depreciation Expense - Equipment Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance Bal. 2,900.00 Dr. Bal. 4,100.00 Dr. Bal. 830.00 Dr. 31-Dec 2,900.00 - Dr. 31-Dec 4,100.00 - Dr. 31-Dec 830.00 - Dr. Income Summary Date Debit Credit Balance Bal. - Cr. 31-Dec 120,080.00 120,080.00 Cr. 31-Dec 21,800.00 98,280.00 Cr. 31-Dec 6,020.00 92,260.00 Cr. 31-Dec 2,900.00 89,360.00 Cr. 31-Dec 4,100.00 85,260.00 Cr. 31-Dec 830.00 84,430.00 Cr. 31-Dec 84,430.00 - Cr. Answer 3. Balance of Salaries Expense Account after Closing Entry = $0
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