Danos Companys partial worksheet for the month ended December 31, 2019, is shown below. Open the owners 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 SHEET

ACCOUNT NAME

DEBIT

CREDIT

DEBIT

CREDIT

Cash

20,500

Accounts Receivable

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 Expense

28,200

Rent Expense

3,500

Supplies Expense

1,750

Depr. Exp. Equip.

5,050

Totals

38,500

50,200

123,800

112,100

Totals	38,500		50,200		123,800		112,100
Net Income	11,700						11,700
	50,200		50,200		123,800		123,800

Prepare the closing entries for the Danos Companys on December 31, 2019. Post the closing entries to the owners capital account. Prepare a postclosing trial balance

Complete this question by entering your answers in the tabs below.

• General Journal
• General Ledger
• Trial Balance