On December 31 after adjustments Cavazos Company s

ledger contains the #6097

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 Dr.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.INSTRUCTIONS1. 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?View Solution:
On December 31 after adjustments Cavazos Company s ledger contains the

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