Reference no: EM132500910
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 $71,000 shown on the worksheet.
INCOME STATEMENT BALANCE SHEETACCOUNT NAMEDEBIT CREDIT DEBIT CREDIT
Cash 20,500
AccountsReceivable 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 Expense28,200
Rent Expense3,500
Supplies Expense1,750
Depr. Exp. -Equip.5,050
Totals 38,500 50,200 1
23,800 112,100
Net Income11,700 11,700
50,200 50,200
123,800 123,800
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. please assist with postclosing trial balance.
Question 2: what is the general journal?
Question 3: what is the general ledger?
Question 4: what is the trial balance?