There\'s 3 parts I tried do the 1st one. All lead to closing entries. Last assig

Question

There's 3 parts I tried do the 1st one. All lead to closing entries. Last assignment in this class. Help please, I sort of have an idea and I always compare my answers to Greggs. y'alls always right.

December 31. after adjustments, Gonzalez Company's ledger contains the following ac 11 Accounts Re 21 Supplies i 31 Prepatd Rent a 41 Equipment 42 ocunulated DepreciatioEuit l 41,200 Dr 17/200 Dr H3400 Dr. 40,000 Dr. 58,000 Dr 1700 Cr Accounts Fayable 01 Emi1io conzalez, capical hartz203 53,620 C. 02 Enilio Gonzalez. Draw ng 01 Fees Income 11 dverti3ing Expensellli 14 Depreciétion Expenas qulp 1,900 Cr. Emilio Gonzajez. Capacal 12/1/2019 59,620 Cr 600 Dr 148,240 Cr. 5, 200 Dr. 940 Dr T Rent Expense i 4,000 Dr.- 519 Salartes Expense 523 Utilitiee ExpERS 32,800 Dr 7 120 Dr equired: 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 balan nalyze: hat is the balance of the Salaries Erpense account after closing entries are posted

Explanation / Answer

Closing entries 1 Fees earned 148240                Income summary 148240 2 Income summary 50060                Advertising expense 5200                Salaries expense 32800                Rent expense 4000                Utilities expense 7120                Depreciation expense 940 3 Income summary 98180                Emilio Gonzalez capital 98180 4 Emilio Gonzalez capital 7600                           Emilio Gonzalez drawings 7600 Emilio gonzalez capital Date Debit Credit Balance 31-Dec-19 59620 31-Dec-19 98180 157800 31-Dec-19 7600 150200 Emilio gonzalez drawings Date Debit Credit Balance 31-Dec-19 7600 7600 31-Dec-19 7600 0 Income summary Date Debit Credit Balance 31-Dec-19 148240 148240 31-Dec-19 50060 98180 31-Dec-19 98180 0 Fees income Date Debit Credit Balance 31-Dec-19 148240 31-Dec-19 148240 0 31-Dec-19 Advertising expense Date Debit Credit Balance 31-Dec-19 5200 31-Dec-19 5200 0 Depreciation expense Date Debit Credit Balance 31-Dec-19 940 31-Dec-19 940 0 Rent expense Date Debit Credit Balance 31-Dec-19 4000 31-Dec-19 4000 0 Salaries expense Date Debit Credit Balance 31-Dec-19 32800 31-Dec-19 32800 0 utilities expense Date Debit Credit Balance 31-Dec-19 7120 31-Dec-19 7120 0

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