(Solved): Problem 6.3A (Algo) Journalizing and posting closing entries. LO 6-1 On December 31, after adjustm ...

Problem 6.3A (Algo) Journalizing and posting closing entries. LO 6-1 On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash 111 Accounts receivable $ 45,200 Dr. 17,600 Dr. 3,800 Dr. 121 Supplies 131 Prepaid Rent 141 Equipment 40, 400 Dr. 62,000 Dr. 1,900 Cr. 142 Accumulated depreciation-Equip. 202 Accounts payable 8,300 Cr. 301 Emilio Gonzalez, Capital (12/1/20X1) 63, 620 Cr. 302 Emilio Gonzalez, Drawing 8,000 Dr. 401 Fees income 511 Advertising expense 158, 480 Cr. 5,600 Dr. 514 Depreciation expense-Equip. 980 Dr. 4,400 Dr. 517 Rent expense 519 Salaries expense 523 Utilities expense 36,800 Dr. 7,520 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze Journalize the closing entries in the general journal. View transaction list Journal entry worksheet 1 2 3 4 Record the closing entry for revenue. Note: Enter debits before credits. Date Dec 31, 20X1 Record entry General Journal Clear entry Debit Credit View general journal > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. Emilio Gonzalez, Capital Account No. 301 Emilio Gonzalez, Drawing Date Debit Balance Date Debit Credit Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Income Summary Date Debit Advertising Expense Date Debit Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Rent Expense Date Dec 31, 20X1 Dec 31, 20X1 Debit Utilities Expense Date Dec 31, 20X1 Dec 31, 20X1 Debit Credit Account No. 399 Credit Account No. 511 Credit Balance Credit Account No. 517 Balance Credit Balance Account No. 523 Balance Fees Income Date Dec 31, 20X1 Dec 31, 20X1 Debit Depreciation Expense- Equipment Date Debit Dec 31, 20X1 Dec 31, 20X1 Salaries Expense Date Dec 31, 20X1 Dec 31, 20X1 Debit Account No. 302 Account No. 401 Credit Balance Credit Account No. 514 Balance Credit Balance Account No. 519 Balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze What is the balance of the Salaries Expense account after closing entries are posted? Salaries expense < Required 2 Analyze