Query Regarding Having assignment in SQL.

Hello team,
I was having doubt in one of the assignment questions of HAVING CLAUSE.

I was curious to know why output of the 2 statements differ:

SELECT
*, AVG(salary)
FROM salaries
GROUP BY emp_no
HAVING AVG(salary) > 120000
ORDER BY Emp_no;

SELECT
*, AVG(salary)
FROM salaries
WHERE
salary > 120000
GROUP BY emp_no
ORDER BY emp_no;

I was thinking along the lines that the 2nd query also tracks all the individual records having salary greater than 120000 even the ones whose avg is < 120000, so is my logic correct or there is other reason behind the same.

Thanks for the intuitive course too, I am enjoying it fairly.
Kind Regards
Yuvraj.