On December 31, after adjustments, Cavazos Company’s ledger contains the following account balances:
101 | Cash | $37,200 Dr. |
111 | Accounts Receivable | 16,800 Dr. |
121 | Supplies | 3,000 Dr. |
131 | Prepaid Rent | 39,600 Dr. |
141 | Equipment | 54,000 Dr. |
142 | Accumulated Depreciation—Equip. | 1,500 Cr. |
202 | Accounts Payable | 7,500 Cr. |
301 | Monica Cavazos, Capital (12/1/2013) | 55,620 Cr. |
302 | Monica Cavazos, Drawing | 7,200 Dr. |
401 | Fees Income | 138,000 Cr. |
511 | Advertising Expense | 4,800 Dr. |
514 | Depreciation Expense—Equip. | 900 Dr. |
517 | Rent Expense | 3,600 Dr. |
519 | Salaries Expense | 28,800 Dr. |
523 | Utilities Expense | 6,720 Dr. |
INSTRUCTIONS
1. Record the balances in the ledger accounts as of December 31.
2. Journalize the closing entries in the general journal, page 4. Use account number 399 for the Income Summary Account.
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?
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