On December 31, after adjustments, Ponthieu Company's ledger contains the following account balances: $ 47,200 Dr. 17,800 Dr. 4,000 Dr. 40,600 Dr. 64,000 Dr. 2,000 Cr. 8,500 Cr. 85,620 Cr. 8,200 Dr. 163,600 Cr. 5,800 Dr. 1,000 Dr. 4,600 Dr. 38,800 Dr. 7,720 Dr. 101 Cash 111 Accounts receivable 121 Supplies 131 Prepaid rent 141 Equipment 142 Accumulated depreciation-Equip. 202 Accounts payable Louis ponthieu, Capital (12/1/20x1) Louis ponthieu, Drawing Fees income 511 Advertising expense 514 Depreciation expense-Equip. 517 Rent expense 519 Salaries expense 523 Utilities expense 301 302 401 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. Analyze: What is the balance of the Salaries Expense account after closing entries are posted?

On December 31, after adjustments, Ponthieu Company's ledger contains the following account balances: $ 47,200 Dr. 17,800 Dr. 4,000 Dr. 40,600 Dr. 64,000 Dr. 2,000 Cr. 8,500 Cr. 85,620 Cr. 8,200 Dr. 163,600 Cr. 5,800 Dr. 1,000 Dr. 4,600 Dr. 38,800 Dr. 7,720 Dr. 101 Cash 111 Accounts receivable 121 Supplies 131 Prepaid rent 141 Equipment 142 Accumulated depreciation-Equip. 202 Accounts payable Louis ponthieu, Capital (12/1/20x1) Louis ponthieu, Drawing Fees income 511 Advertising expense 514 Depreciation expense-Equip. 517 Rent expense 519 Salaries expense 523 Utilities expense 301 302 401 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. Analyze: What is the balance of the Salaries Expense account after closing entries are posted?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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