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 $34,000 shown on the worksheet.

INCOME STATEMENT BALANCE SHEET
ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 8,900 Accounts Receivable 11,800 Supplies 4,700 Equipment 32,000 Accum. Depr. - Equip. 10,800 Accounts Payable 9,900 N. Dorsey, Capital 34,000 N. Dorsey, Drawing 3,400 Fees Income 24,600 Salaries Expense 13,800 Rent Expense 1,600 Supplies Expense 900 Depr. Exp. −Equip. 2,200 Totals 18,500 24,600 60,800 54,700 Net Income 6,100 6,100 . 24,600 24,600 60,800 60,800

1. Prepare a journal entries for the Dorsey Company’s on March 31, 2019. Post the closing entries to the owner’s capital account.
2. Prepare a post-closing trial balance.

Net income is $6,100.

Net book value of Equipment is $21,200

Current assets is $25,400

Current liabilities is $9,900

Working capital will therefore be $15,500

Net Assets is $36,700

Capital Less owners drawings is $30,600

Retained earnings is $6,100

Total owners fund is therefore is $36,700

Explanation:

Adjusted trial balance

Fees income (cr) $24,600

Sales and expense (Dr.) $13,800

Rent expense (Dr.) $1,600

Suppliers expense (Dr.) $900

Depreciation (Dr.) $2,200

Equipment (Dr.) $32,000

Accumulated depreciation (cr.) $10,800

Cash (Dr.) $8,900

Accounts receivable (Dr.) $11,800

Supplier (Dr.) $4,700

Accounts payable (Cr.) $9,900

Capital (Cr.) $34,000

Drawings (Dr.) $6,100

Total debit $79,300

Total credit $79,300

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