Question

Dorsey Company's partial worksheet for the month ended March 31, 2019, is shown below. Open the owner's capital account (account number 301) in the general ledger and record the March 1, 2019, balance of $38,500 shown on the worksheet. INCOME STATEMENT BALANCE SHEET ACCOUNT NAME DEBIT CREDIT CREDIT DEBIT 9, 800 13,6ee 5,150 36, 5ee Cash Accounts Receivable Supplies Equipment Accum. Depr. - Equip. Accounts Payable N. Dorsey, Capital N. Dorsey, Drawing 12,600 10,800 38,500 4,300 28, 200 Fees Income Salaries Expense Rent Expense Supplies Expense Depr. Exp. -Equip. Totals Net Income 14,700 2,050 1,350 2,650 20,750 7,450 61.900 7,450 28, 200 69,350 69.350 28, 200 69,350 28.200 Prepare a journal entries for the Dorsey Company's on March 31, 2019. Post the closing entries to the owner's capital account. Prepare a postclosing trial balance. Complete this question by entering your answers in the tabs below. General General Journal Trial Balance Ledger Prepare a journal entries for the Dorsey Company's on March 31, 2019. < Prev 9 of 10 Next>

General journal...
1. fee income to income summary
2. expenses yo income summary
3. net income or loss from income summary to capital
4. drawings to capital account

General Ledger. post the closing entries to owner's capital account

Trial Balance....prepare a post closing trial balance

Answer 1

Date	General journal	Debit	Credit
Mar. 31, 2019	Fees income	28200
	Income summary		28200
	(to record transfer of fees income to income summary)
Mar. 31, 2019	Income summary	20750
	Salaries expense		14700
	Rent expense		2050
	Supplies expense		1350
	Depreciation expense-equipment		2650
	(to record transfer of expenses to income summary)
Mar. 31, 2019	Income summary	7450
	N. Dorsey, Capital		7450
	(to record transfer of net income or net loss from income summary to capital)
Mar. 31, 2019	N. Dorsey, Capital	4300
	N. Dorsey, Drawing		4300
	(to record transfer of drawings to capital account)

Part 2

General ledger
N. Dorsey, Capital			ACCOUNT NO. 301
Date	Debit	Credit	Balance
Mar. 1, 2019			38500
Mar. 31, 2019		7450	45950
Mar. 31, 2019	4300		41650

Part 3

DORSEY COMPANY

Postclosing Trial Balance

March 31, 2019

Account name	Debit	Credit
Cash	9800
Accounts receivable	13600
Supplies	5150
Equipment	36500
Accumulated Depreciation-equipment		12600
Accounts payable		10800
N. Dorsey, Capital		41650
Total	65050	65050