Question

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

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 $72,000 shown on the worksheet.

INCOME STATEMENT BALANCE SHEET
ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT
Cash 21,000
Accounts Receivable 23,600
Supplies 9,800
Equipment 64,000
Accum. Depr. - Equip. 21,600
Accounts Payable 19,800
D. Danos, Capital 72,000
D. Danos, Drawing 6,800
Fees Income 50,800
Salaries Expense 28,400
Rent Expense 3,600
Supplies Expense 1,800
Depr. Exp. −Equip. 5,200
Totals 39,000 50,800 125,200 113,400
Net Income 11,800 11,800
50,800 50,800 125,200 125,200


Prepare the closing entries for the Danos Company’s on December 31, 2019. Post the closing entries to the owner’s capital account. Prepare a postclosing trial balance.

  • General Ledger
  • Trial Balance

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

Note: Enter debits before credits.
Date General Journal Debit Credit
Dec 31, 2019
General Ledger
D. Danos, Capital Account No: 301
Date Debit Credit Balance
Dec 31, 2019
Dec 31, 2019
Dec 31, 2019
  • Trial Balance

Prepare a postclosing trial balance.
DANOS COMPANY
Postclosing Trial Balance
December 31, 2019
Account Name Debit Credit
Totals
Math   Advanced-Math   
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