Dorsey Company's partial worksheet for the month ended March 31, 2019, is shown below. Open the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 $36,500 shown on the worksheet. BALANCE SHEET INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 9,400 Accounts Receivable 12,800 Supplies 4,950 Equipment Accum. Depr. - Equip. Accounts Payable N. Dorsey, Capital N. Dorsey, Drawing Fees Income Salaries Expense Rent Expense Supplies Expense Depr. Exp. -Equip. Totals Net Income 19,750 26,600 65,550 6,850 58,700 6,850 26,600 26,600 65,550 65,550 34,500 11,800 10,400 36,500 3,900 26,600 14,300 1,850 1,150 2,450 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. 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 $36,500 shown on the worksheet. BALANCE SHEET INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 9,400 Accounts Receivable 12,800 Supplies 4,950 Equipment Accum. Depr. - Equip. Accounts Payable N. Dorsey, Capital N. Dorsey, Drawing Fees Income Salaries Expense Rent Expense Supplies Expense Depr. Exp. -Equip. Totals Net Income 19,750 26,600 65,550 6,850 58,700 6,850 26,600 26,600 65,550 65,550 34,500 11,800 10,400 36,500 3,900 26,600 14,300 1,850 1,150 2,450 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.
Expert Answer:
Answer rating: 100% (QA)
Journal Entry on March 31 2019 Owners Capital Account ... View the full answer
Posted Date:
Students also viewed these accounting questions
-
The Fashion Rack has a monthly accounting period. The firms chart of accounts is shown below and on the next page. The journals used to record transactions are the sales journal, purchases journal,...
-
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,...
-
A cost function is a mathematical expression of how cost drivers affect a particular cost. However, an intuitive understanding of cost functions is just as important as being able to write the...
-
A company's cost of goods sold for the year was $97,500. Ending inventory was $12,000 and $13,500 in the current and prior years, respectively. Required Calculate the company's inventory turnover...
-
1. Bank balance as shown in the bank statement, P 648,364. Cash in Bank balance in the books of the business, P 707,404. Deposit in transit is P46,800. Checks outstanding for the month: No. 15600...
-
When putting together a Weighted Points Evaluation System, a company created the following list of weights: Safety = 0.33 Sustainability = 0.13 Quality = 0.19 Delivery = 0.24 cost = ? What should the...
-
What factors should the auditor consider in setting the level of audit risk? How do these factors affect the level of audit risk?
-
What is materiality? Why is it an important concept for auditors to consider in the conduct of their audits?
-
What key accounts and transactions are affected by the sales and customer service process? Discuss and illustrate with examples.
-
What process objectives and activities typically are associated with the sales and customer service process? Why is understanding them important for the auditor?
-
What advantage do local area networks (LANs) offer over individual microcomputers?
Study smarter with the SolutionInn App