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 $42,000 shown on the worksheet. INCOME BALANCE SHEET ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash Accounts Receivable Supplies Equipnent Aecun. Depr.Equip Accounts Payable N. Dorsey, Capital N. Dorsey, Drawing Fees Income Salaries Expense Rent Expense Supplies Expense Depr. Exp.-Equip Totals Net Income 10,500 15, 000 S,500 40,000 14,000 11,500 42,000 ,000 31,000 15,400 2,400 1,700 22,500 31,000 76,000 67,500 1,000 31,000 76,000 76,000 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 Prepare a journal entries for the Dorsey Company's on March 31, 2019.

Answer 1

ANSWER :-

(1)

Date	General journal	Debit	Credit
Mar. 31, 2013	Fees income	31,000
	Income summary		31,000
	(to record transfer of fees income to income summary)
Mar. 31, 2019	Income summary	22,500
	Salaries expense		15,400
	Rent expense		2,400
	Supplies expense		1,700
	Depreciation expense-equipment		3,000
	(to record transfer of expenses to income summary)
Mar. 31, 2019	Income summary	8,500
	N. Dorsey, Capital		8,500
	(to record transfer of net income or net loss from income summary to capital)
Mar. 31, 2019	N. Dorsey, Capital	5,000
	N. Dorsey, Drawing		5,000
	(to record transfer of drawings to capital account)

(2)

General ledger
N. Dorsey, Capital		ACCOUNT NO. 301
Date	Debit	Credit	Balance
Mar. 01, 2019			42,000
Mar. 31, 2019		8,500	50,500
Mar. 31, 2019	5,000		45,500

(3)

DORSEY COMPANY
Postclosing Trial Balance
March 31, 2013
Account name	Debit	Credit
Cash	10,500
Accounts receivable	15,000
Supplies	5,500
Equipment	40,000
Accumulated Depreciation-equipment		14,000
Accounts payable		11,500
N. Dorsey, Capital		45,500
Totals	71,000	71,000

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