Question

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 $35,500 shown on the worksheet.

INCOME STATEMENT BALANCE SHEET
ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT
Cash 9,200
Accounts Receivable 12,400
Supplies 4,850
Equipment 33,500
Accum. Depr. - Equip. 11,400
Accounts Payable 10,200
N. Dorsey, Capital 35,500
N. Dorsey, Drawing 3,700
Fees Income 25,800
Salaries Expense 14,100
Rent Expense 1,750
Supplies Expense 1,050
Depr. Exp. −Equip. 2,350
Totals 19,250 25,800 63,650 57,100
Net Income 6,550 6,550
25,800 25,800 63,650 63,650


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.

  • Record entry to transfer fees income to income summary.

Note: Enter debits before credits.

Date General Journal Debit Credit
Mar 31, 2019
  • General Ledger
  • Trial Balance

Post the closing entries to the owner’s capital account.

General Ledger
N. Dorsey, Capital Account No: 301
Date Debit Credit Balance
Mar 01, 2019
Mar 31, 2019
Mar 31, 2019
  • Trial Balance

Prepare a postclosing trial balance.

DORSEY COMPANY
Postclosing Trial Balance
March 31, 2019
Account Name Debit Credit
Totals


Homework Answers

Answer #1
  • Closing Entries

Accounts title

Debit

Credit

Fees income

$25,800

Income Summary

$25,800

(to transfer fees income)

Income Summary

$19,250

Salaries expense

$14,100

Rent Expense

$1,750

Supplies expense

$1,050

Depreciation expense—Equipment

$2,350

(to transfer expenses)

Income Summary

$6,550

N Dorsey Capital

$6,550

(to transfer Net Income)

N Dorsey Capital

$3,700

N Dorsey Drawings

$3,700

(to transfer drawings)

  • Account

General Ledger

N. Dorsey, Capital

Account No: 301

Date

Debit

Credit

Balance

Mar 01, 2019

$35,500

Mar 31, 2019

$6,550

$42,050

Mar 31, 2019

$3,700

$38,350

  • Post Closing TRrial balance

Postclosing Trial Balance

March 31, 2019

Account Name

Debit

Credit

Cash

$9,200

Accounts receivable

$12,400

Supplies

$4,850

Equipment

$33,500

Accumulated depreciation—Equipment

$11,400

Accounts payable

$10,200

N Dorsey Capital

$38,350

N Dorsey Drawings

$0

Fees income

$0

Salaries expense

$0

rent Expense

$0

Supplies expense

$0

Depr Expe Equipment

$0

Totals

$59,950

$59,950

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