Solution-Prepare the closing entries for the danos company

Prepare the closing entries for the danos company

Assignment Help Managerial Accounting

Reference no: EM132500910

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 $71,000 shown on the worksheet.

INCOME STATEMENT BALANCE SHEETACCOUNT NAMEDEBIT CREDIT DEBIT CREDIT

Cash 20,500

AccountsReceivable 23,400

Supplies 9,700 Equipment 63,500

Accum. Depr. - Equip. 21,400

Accounts Payable 19,700

D. Danos, Capital 71,000

D. Danos, Drawing 6,700

Fees Income 50,200

Salaries Expense28,200

Rent Expense3,500

Supplies Expense1,750

Depr. Exp. -Equip.5,050

Totals 38,500 50,200 1

23,800 112,100

Net Income11,700 11,700

50,200 50,200

123,800 123,800

Question 1: Prepare the closing entries for the Danos Company's on December 31, 2019. Post the closing entries to the owner's capital account. please assist with postclosing trial balance.

Question 2: what is the general journal?

Question 3: what is the general ledger?

Question 4: what is the trial balance?

Reference no: EM132500910

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Prepare the closing entries for the danos company

Reference no: EM132500910

Reference no: EM132500910

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