On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash $...
On December 31, after
adjustments, Gonzalez 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 | Emilio Gonzalez, Capital (12/1/2019) | 65,620 | Cr. | ||
| 302 | Emilio Gonzalez, 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. | ||
Required:
- Journalize the closing entries in the general journal.
- 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?
Homework Answers
Correct answer----0.
.
After closing entries are posted salaries account will become equal to zero because in closing entries all expenses account will be credited with their current balance. The closing entries will basically close all revenue and expense accounts.
Add Answer to:
On December 31, after
adjustments, Gonzalez Company's ledger contains the following
account balances:
101
Cash
$...
Apply Exercise Saved On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances:...
Apply Exercise Saved On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 181 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. $ 45,288 Dr 17,608 De 3,808 Dr 40,400 Dr 62,808 Dn 1,900 cr 8,309 Cr 6 points 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019)63,620 C 382 Emilio Gonzalez, Drawing 401 Fees Income 511 Advertising Expense 514 Depreciation Expense-Equip 517 Rent Expense 519 Salaries Expense S23 Utilities Expense 8,0e8...
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: $ 94,400 Dr....
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: $ 94,400 Dr. 35,600 Dr. 8,000 Dr. 81,200 Dr. 128,000 Dr. 4,000 Cr. 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 17,000 Cr. 131,240 Cr. 16,400 Dr. 327,200 Cr. 11,600 Dr. 2,000 Dr. 9,200 Dr. 77,600 Dr. 15,440 Dr. 401 Fees Income 511 Advertising Expense 514 Depreciation Expense-Equip....
Record the closing entry for revenue. Record the closing entry for expenses. Record the closing entry...
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
summary.
Record the closing entry for the drawing account.
Problem 6.3A 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 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 401...
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 Account NO....
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 Account NO. Account Balance 101 Cash $62,000 111 Accounts Receivable 35,560 121 Supplies 8,800 131 Prepaid Insurance 23,200 141 Equipment 100,000 142 Accumulated Depreciation-Equipment 39,520 202 Accounts Payable 11,200 301 Aretha Hinkle, Capital 112,000 302 Aretha Hinkle, Drawing 11,200 401 Fees Income 302,600 510 Depreciation Expense-Equipment 19,360 511 Insurance Expense 9,600 514 Rent Expense 31,200 517 Salaries Expense 148,000 518 Supplies Expense 3,800 519 Telephone Expense...
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO....
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 76,000 111 Accounts Receivable 58,420 121 Supplies 10,200 131 Prepaid Insurance 24,600 141 Equipment 114,000 142 Accumulated Depreciation—Equipment 40,920 202 Accounts Payable 12,600 301 Aretha Hinkle, Capital 126,000 302 Aretha Hinkle, Drawing 12,600 401 Fees Income 363,260 510 Depreciation Expense—Equipment 20,760 511 Insurance Expense 11,000 514 Rent Expense 32,600 517 Salaries Expense 162,000 518 Supplies Expense 5,200 519 Telephone...
Just need the ledger accounts filled out, thanks! Exercise 6.6 Closing entries. LO 6-1 The ledger...
Just need the ledger accounts filled out, thanks!
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities...
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO....
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense: 519 Telephone Expense 523 Utilities Expense BALANCE $ 67,000 36,060 9,300 23,700 105,000 40,020 11,700 117,000 11,709 316,600...
The ledger accounts of AXX Internet Company appear as follc ACCOUNT BALANCE NO. ACCOUNT $ 63,000...
The ledger accounts of AXX Internet Company appear as follc ACCOUNT BALANCE NO. ACCOUNT $ 63,000 35,660 8,900 23,300 101,000 39,620 11,300 Cash 101 Accounts Receivable 111 Supplies Prepaid Insurance 141 Equipment Accumulated Depreciation-Equipment Accounts Payable Aretha Hinkle, Capital Aretha Hinkle, Drawing 121 131 142 202 113,000 11,300 305,400 19,460 301 302 401 Fees Income 510 Depreciation Expense-Equipment Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense 9,700 31,300 149,000 511 514 517 3,900 5,100 7,700 518...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 61,000 35,460 8,700 23,100 99,000...
As of December 31, Sue Flay's Cakery shows the following account balances (after adjustments): Cash: $15,600...
As of December 31, Sue Flay's Cakery shows the following account balances (after adjustments): Cash: $15,600 Accounts Receivable: $4,900 Inventory: $6,500 Prepaid Rent: $2,700 Equipment (net of Accumulated Depreciation):$94,000 Accounts Payable: $3,600 Unearned Sales Revenue: $3,200 Notes Payable: $19,500 Common Stock: $12,000 Retained Earnings: $55,700 Dividends: $6,500 Sales Revenue: $60,400 Consulting Income: $15,700 Supplies Expense: $8,200 Depreciation Expense: $7,100 Salaries Expense: $18,000 Insurance Expense: $1,500 Telephone Expense: $1,700 Utilities Expense: $3,400 1. Prepare the closing entries for Sue Flay's Cakery...
Apply Exercise Saved On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 181 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. $ 45,288 Dr 17,608 De 3,808 Dr 40,400 Dr 62,808 Dn 1,900 cr 8,309 Cr 6 points 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019)63,620 C 382 Emilio Gonzalez, Drawing 401 Fees Income 511 Advertising Expense 514 Depreciation Expense-Equip 517 Rent Expense 519 Salaries Expense S23 Utilities Expense 8,0e8...
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: $ 94,400 Dr. 35,600 Dr. 8,000 Dr. 81,200 Dr. 128,000 Dr. 4,000 Cr. 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 17,000 Cr. 131,240 Cr. 16,400 Dr. 327,200 Cr. 11,600 Dr. 2,000 Dr. 9,200 Dr. 77,600 Dr. 15,440 Dr. 401 Fees Income 511 Advertising Expense 514 Depreciation Expense-Equip....
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
summary.
Record the closing entry for the drawing account.
Problem 6.3A 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 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 401...
Just need the ledger accounts filled out, thanks!
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities...
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense: 519 Telephone Expense 523 Utilities Expense BALANCE $ 67,000 36,060 9,300 23,700 105,000 40,020 11,700 117,000 11,709 316,600...
The ledger accounts of AXX Internet Company appear as follc ACCOUNT BALANCE NO. ACCOUNT $ 63,000 35,660 8,900 23,300 101,000 39,620 11,300 Cash 101 Accounts Receivable 111 Supplies Prepaid Insurance 141 Equipment Accumulated Depreciation-Equipment Accounts Payable Aretha Hinkle, Capital Aretha Hinkle, Drawing 121 131 142 202 113,000 11,300 305,400 19,460 301 302 401 Fees Income 510 Depreciation Expense-Equipment Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense 9,700 31,300 149,000 511 514 517 3,900 5,100 7,700 518...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 61,000 35,460 8,700 23,100 99,000...
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