Exercise 4-9 (Algo) Preparing closing entries and a post-closing trial balance LO P2 Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance. 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals Services revenue 403 612 622 637 640 652 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals Debit $ 18,000 10,300 2,000 23,000 Credit $ 6,500. 41,105 49,800 6,000 2,000 29,033 2,092 3,337 1,643 $ 97,405 $ 97,405 1. Prepare the December 31 closing entries. The account number for Income Summary is 901. 2. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $41,105 on December 31 of the prior year.
Exercise 4-9 (Algo) Preparing closing entries and a post-closing trial balance LO P2 Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance. 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals Services revenue 403 612 622 637 640 652 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals Debit $ 18,000 10,300 2,000 23,000 Credit $ 6,500. 41,105 49,800 6,000 2,000 29,033 2,092 3,337 1,643 $ 97,405 $ 97,405 1. Prepare the December 31 closing entries. The account number for Income Summary is 901. 2. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $41,105 on December 31 of the prior year.
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
Transcribed Image Text:Exercise 4-9 (Algo) Preparing closing entries and a post-closing trial balance LO P2
Following are accounts and year-end adjusted balances of Cruz Company as of December 31.
Number Account Title
101
Cash
126
Supplies
128 Prepaid insurance.
167
168
301
302
403
612 Depreciation expense-Equipment
622
637
640
652
Equipment
Accumulated depreciation-Equipment
A. Cruz, Capital
A. Cruz, Withdrawals
Services revenue
Salaries expense
Insurance expense
Rent expense
Supplies expense
Totals
1
Required 1
View transaction list
No
1
2
1. Prepare the December 31 closing entries. The account number for Income Summary is 901.
2. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $41,105 on December 31 of
the prior year.
Debit
$ 18,000
10,300
2,000
23,000
Complete this questions by entering your answers in the tabs below.
Required 2
Prepare the December 31 closing entries. The account number for Income Summary is 901.
View journal entry worksheet
Date
December 31 Depreciation expense-Equipment
December 31
2,092
3,337
1,643
$ 97,405
6,000
2,000
29,033
Insurance expense
General Journal
Credit
Accumulated depreciation-Equipment
$ 6,500
41,105
49,800
$ 97,405
Debit
5,584
8,000
Credit
6,584
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