Question

LACICISE (uue Moni Saved Help 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 $40,000 shown on the worksheet. INCOME STATEMENT DEBIT CREDIT BALANCE SHEET DEBIT CREDIT 10, 100 14,200 5,300 38,000 13, 200 11,100 40,000 ACCOUNT NAME Cash Accounts Receivable Supplies Equipment Accum. Depr.- Equip. Accounts Payable N. Dorsey, Capital N. Dorsey, Drawing Fees Income Salaries Expense Rent Expense Supplies Expense Depr. Exp. Equip. Totals Net Income 4,600 29,400 15,000 2,200 1,500 2,800 21,500 29,400 7,900 29,400 29,400 72,200 64,300 7.900 72,200 72,200 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 Ledger Trial Balance Journal < Prey 9 of 10 Next >

Answer 1

Answer
1
Date	General journal	Debit	Credit
Mar. 31, 2019	Fees income	$     29,400
	Income summary		$     29,400
	(To record transfer of Fees )
Mar. 31, 2019	Income summary	$     21,500
	Salaries expense		$     15,000
	Rent expense		$       2,200
	Supplies expense		$       1,500
	Depreciation expense-equipment		$       2,800
	(To record transfer of Exp)
Mar. 31, 2019	Income summary	$       7,900
	N. Dorsey, Capital		$       7,900
	(To close income summary)
Mar. 31, 2019	N. Dorsey, Capital	$       4,600
	N. Dorsey, Drawing		$       4,600
	(To record transfer of drawings )

2
General ledger
N. Dorsey, Capital		ACCOUNT NO. 301
Date	Debit	Credit	Balance
Mar. 01, 2019			$     40,000
Mar. 31, 2019		$       7,900	$     47,900
Mar. 31, 2019	$          4,600		$     43,300

3
DORSEY COMPANY
Post closing Trial Balance
March 31, 2019
Account name	Debit	Credit
Cash	$        10,100
Accounts receivable	$        14,200
Supplies	$          5,300
Equipment	$        38,000
Accumulated Depreciation-equipment		$     13,200
Accounts payable		$     11,100
N. Dorsey, Capital		$     43,300
Totals	$        67,600	$     67,600

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