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 $81,000 shown on the wonesh 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 STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT 25,503 25,400 10,780 68.ee 23,400 20, 2ee 81,000 7,700 56,200 30, 200 4.500 2.250 6,550 -43,500 56,200 137,300 124,608 12,700 12,700 56,200 56,200 137,380 137,300 Prepare the closing entries for the Danos Companys 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. General Journal General Ledger Trial Balance Prepare the closing entries for the Danos Company on December 31, 2019

Journal entry
number one record entry to transfer fees income to income summary. Number to record entry to transfer expenses to income summary. Number three record entry to transfer net income or net loss from income summary to Capital. Number for record entry to transfer drawings to Capital account. General ledger post the closing entries to the owners capital account. Trial balance prepare a post-closing trial balance

Answer 1

Journal Entries Date Account Title and Explaination Debit Credit Post. Ref. $ 56,200.00 Fees Income Income Summary (To Close Revenue account balance to Income Summary) $ 56,200.00 2 $ 43,500.00 Income Summary Salaries Expense Rent Expense Supplies Expense Depr.Exp. - Equip. (To Close Expenses accounts to Income Summary) 30,200.00 4,500.00 2,250.00 6,550.00 $ 12,700.00 Income Summary D.Danos, Capital (To Close Profit to Capital account) $ 12,700.00 7,700.00 D.Danos, Drawing D.Danos, Capital |(To close Balance of Drawings to Capital account) 7,700.00

Preparation of Post Closing Trial Balance: Credit Account Cash Accounts Receivable Supplies Equipment Accu.Depr.-Equip. Accounts Payable D.Danos, Capital Total Debit 25,500.00 25,400.00 10,700.00 68,000.00 23,400.00 20,200.00 86,000.00 129,600.00 $ 129,600.00 $