31, 2015, the end of its fiscal year. (1) Prepare the December 31, 2015, closing entries for Cruz Company. Assume the account number for Income Summary is 901. (2) Prepare the December 31, 2015, post- closing trial balance for Cruz Company. No. Account Title Debit Credit 101 Supplies Prepaid insurance Equipment .. Cash $19,000 126 13,000 128 3,000 167 24,000 168 $ 7,500 Accumulated depreciation-Equipment T. Cruz, Capital .... T. Cruz, Withdrawals Services revenue. 301 47,600 302 7,000 404 44,000 612 Depreciation expense-Equipment. 3,000 622 Salaries expense 22,000 .... 637 Insurance expense 2,500 640 Rent expense 3,400 652 Supplies expense 2,200 ... Totals $99,100 $99,100 ....

31, 2015, the end of its fiscal year. (1) Prepare the December 31, 2015, closing entries for Cruz Company. Assume the account number for Income Summary is 901. (2) Prepare the December 31, 2015, post- closing trial balance for Cruz Company. No. Account Title Debit Credit 101 Supplies Prepaid insurance Equipment .. Cash $19,000 126 13,000 128 3,000 167 24,000 168 $ 7,500 Accumulated depreciation-Equipment T. Cruz, Capital .... T. Cruz, Withdrawals Services revenue. 301 47,600 302 7,000 404 44,000 612 Depreciation expense-Equipment. 3,000 622 Salaries expense 22,000 .... 637 Insurance expense 2,500 640 Rent expense 3,400 652 Supplies expense 2,200 ... Totals $99,100 $99,100 ....

Name: CHAPTER: COMPLETING ACCOUNTING CYCLEExercise 4-9Preparing closing ent
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Description: CHAPTER: COMPLETING ACCOUNTING CYCLEExercise 4-9Preparing closing entriesand a post-closing trialbalanceCheck (2) T. Cruz, Capital(ending), $51,500; Totaldebits, $59,000P2 P3The following adjusted trial balance contains the accounts and balances of

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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