Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. dorsey company's partial worksheet for the month e

Dorsey Company's partial worksheet for the month ended March 31, 2019, is shown below. Open...

50.1K

Verified Solution

Question

Accounting

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 $39,500 shown on the worksheet.

Income Statement Balance Sheet

Account Name Debit Credit Debit Credit

Cash 10,000

Account Receivable 14,000

Supplies 5,250

Equipment 37,500

Accum. Depr. -Equip 13,000

Accounts Payable 11,000

N. Dorsey, Capital 39,500

N, Dorsey, Drawing 4,500

Fees Income 29,000

Salaries Expense 14, 900

Rent expense 2,150

Supplies Expense 1,450

Depr. Exp. -Equip. 2,750

Totals 21,250 29,000 71,250 71,250 63,500

Net Income 7,750 7,750

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.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Unbiased Expectations Theory Suppose that the current one-year rate (oneyear spot rate) and expected one-year T-bill...

Physics
1.2K views

Imagine a universe that has a permitivity of ε = 3εo. Within this infinite space, you...

Finance
1.2K views

AdventureParks Ltd is evaluating the construction of a new theme park. The theme park would cost...

Physics
1.2K views

Two plane mirrors A and B are placed such that they make certain angle between...

Physics
1.2K views

me 9 ad the d B A ball falling in a lake of depth 200...

Basic Math
1.2K views

Let p and q represent the following statements p The chair is broken q The...

Calculus
1.2K views

5 3 Points DETAILS SCALCET9 2 XP 8 004 Trace or copy the graph of...

Calculus
1.2K views

Consider the functions below f x x 1 g x x 1 Find each of...

Accounting
1.2K views

Anoulere: Pequiled

Accounting
1.2K views

Big Company acquires 90 percent of Little Company on January 1, Year One. On that...

Accounting
1.2K views

Please help as soon as possible. XYZ Repairs PTY Ltd repairs cars and other automobiles...

Finance
1.2K views

(Solving for PMT of an annuity) To pay for your child's education, you wish to...