Dorsey Companys partial worksheet for the month ended March 31, 2019, is shown below. Open the owners capital account (account number 301) in the general ledger and record the March 1, 2019, balance of $32,500 shown on the worksheet.

	INCOME STATEMENT				BALANCE SHEET
ACCOUNT NAME	DEBIT		CREDIT		DEBIT		CREDIT
Cash					8,600
Accounts Receivable					11,200
Supplies					4,550
Equipment					30,500
Accum. Depr. - Equip.							10,200
Accounts Payable							9,600
N. Dorsey, Capital							32,500
N. Dorsey, Drawing					3,100
Fees Income			23,400
Salaries Expense	13,500
Rent Expense	1,450
Supplies Expense	750
Depr. Exp. Equip.	2,050
Totals	17,750		23,400		57,950		52,300
Net Income	5,650						5,650
	23,400		23,400		57,950		57,950

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

General Journal

1. Record entry to transfer fees income to income summary

2. Record entry to transfer expenses to income summary

3. Record entry to transfer net income or net loss from income summary to capital

4. Record entry to transfer drawings to capital account.

General Ledger - Post the closing entries to the owners capital account.

Trial Balance - Prepare a postclosing trial balance.