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Dorsey Company’s partial worksheet for the month ended March 31, 2019, is shown below. Open the...

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 $40,500 shown on the worksheet.

INCOME STATEMENT BALANCE SHEET
ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT
Cash 10,200
Accounts Receivable 14,400
Supplies 5,350
Equipment 38,500
Accum. Depr. - Equip. 13,400
Accounts Payable 11,200
N. Dorsey, Capital 40,500
N. Dorsey, Drawing 4,700
Fees Income 29,800
Salaries Expense 15,100
Rent Expense 2,250
Supplies Expense 1,550
Depr. Exp. −Equip. 2,850
Totals 21,750 29,800 73,150 65,100
Net Income 8,050 8,050
29,800 29,800 73,150 73,150


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.

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