Question

Danos Company's partial worksheet for the month ended December 31, 2019, is shown below. Open the owner's capital account (account number 301) in the general ledger and record the December 1, 2019, balance of $78,000 shown on the worksheet ACCOUNT NAME Cash Accounts Receivable Supplies Equipment Accum. Depr. - Equip. Accounts Payable D. Danos, Capital D. Danos, Drawing Fees Income Salaries Expense Rent Expense Supplies Expense Depr. Exp. -Equip. Totals Net Income INCOME BALANCE SHEET STATEMENT DEBIT CREDIT 24,000 24,800 10,400 67,000 22,800 20,400 78,000 7,400 54,400 29,600 4,200 2,100 6,100 42,000 54,400 133,600 121,200 12,400 12,400 54,400 54,400 133,600 133.600 Prepare the closing entries for the Danos Company's on December 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. < Prey 10 of 10 Next

Answer 1

Credit Calculation Danos Company Journal entries Date Account 31-Dec Fees Income Clos. (1) Income Summary To close revenue Debit $ 54,400 $ 54,400 $ 42,000 31-Dec Income Summary Clos. (2) Salaries Expense Rent Expense Supplies Expense Depreciation Expense -Equipment To close expenses $ 29,600 $ 4,200 $ 2,100 $ 6,100 $ 12,400 =54,400-42,000 31-Dec Income Summary Clos. (3) D. Danos, Capital To close income summary $ 12,400 $ 7,400 31-Dec D. Danos, Capital Clos. (4) D. Danos, Drawing To close drawing $ 7,400

Balance Danos Company T Accounts Date Debit Credit D. Danos, Capital 31-Dec 31-Dec $ 12,400 31-Dec $ 7,400 $ 78,000 $ 90,400 $ 83,000

Danos Company Account Names Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Accounts Payable D. Danos, Capital Totals Post Closing TB Debit Credit 24,000 24,800 10,400 67,000 22,800 20,400 83,000 126,200 126,200