Reference no: EM132480974
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 $37,000 shown on the worksheet.
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ACCOUNT NAME
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INCOME STATEMENT DEBIT CREDIT
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BALANCE SHEET DEBIT CREDIT
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Cash
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9,100
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Accounts Receivable
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12,200
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Supplies Equipment
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4,800
33,000
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Accum. Depr. - Equip.
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11,200
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Accounts Payable
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10,100
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N. Dorsey, Capital
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35,000
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N. Dorsey, Drawing
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3,600
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Fees Income
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25,400
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Salaries Expense
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14,000
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Rent Expense
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1,700
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Supplies Expense
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1,000
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Depr. Exp. -Equip.
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2,300
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Totals
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19,000
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25,400
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62,700
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56,300
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Net Income
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6,400
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6,400
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25,400
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25,400
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62,700
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62,700
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Question 1: How do you enter these transactions in a journal entries for the Dorsey Company's on March 31, 2019. Post the closing entries to the owner's capital account. How do you enter these in postclosing trial balance.
Question 2: How do you enter these transactions in journal entries for the Dorsey Company's on March 31, 2019.
Question 3: How do you enter these transactions to transfer fees income to income summary?
Question 4: How do you enter these transactions to transfer expenses to income summary?
Question 5: How do you enter these transactions to transfer net income or net loss from income summary to capital?
Question 6: How do you enter these transactions to transfer drawings to capital account?
Question 7: How do you enter these in General Ledger?
Question 8: How do you enter these postclosing trial balance?
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