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Danos Company's partial worksheet for the month ended December 31, 2019, is shown below. Open the owner's capital account (account number 301) in the general ledger and record the December 1, 2019, balance of $78,000 shown on the worksheet.
INCOME STATEMENT BALANCE SHEETACCOUNT NAME
DEBIT CREDIT DEBIT CREDIT
Cash
22,000
Accounts Receivable
24,000
Supplies
10,000
Equipment
65,000
Accum. Depr. - Equip.
Accounts Payable
20,000
D. Danos, Capital
74,000
D. Danos, Drawing
7,000
Fees Income
52,000
Salaries Expense
28,800
Rent Expense
3,800
Supplies Expense
1,900
Depr. Exp. -Equip.
5,500
Totals
40,000
128,000
116,000
Net Income
12,000
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Question 1: Prepare the closing entries for the Danos Company's on December 31, 2019. Post the closing entries to the owner's capital account. Prep a postclosing trial balance.
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