Journalizing and posting closing entries.On December 31, after adjustments, Gomez Company’...

Journalizing and posting closing entries.

On December 31, after adjustments, Gomez Company’s ledger contains the following account balances:

INSTRUCTIONS

1. Record the balances in the ledger accounts as of December 31.

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2. Journalize the closing entries in the general journal, page 4. Use account number 399 for the Income Summary Account.

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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?