Following are accounts and year-end adjusted balances of Cruz Company as of December 31. 101 126 128 167 160 168 301 302 403 612 622 637 640 652 Cash Supplies Prepaid insurance Equipment Accumulated depreciation Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals $ 18,000 9,200 2,000 23,000 6,000 2,000 20,522 1,478 2,358 1,162 $ 85,720 $ 6,500 44,020 35,200 $ 85,720 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 $44,020 on December 31 of

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. 101 126 128 167 160 168 301 302 403 612 622 637 640 652 Cash Supplies Prepaid insurance Equipment Accumulated depreciation Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals $ 18,000 9,200 2,000 23,000 6,000 2,000 20,522 1,478 2,358 1,162 $ 85,720 $ 6,500 44,020 35,200 $ 85,720 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 $44,020 on December 31 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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Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 126 $ 18,000 14,500 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue 2,000 23,000 128 167 $ 6,500 45,800 168 301 302 6,000 403 48,000 612 Depreciation expense-Equipment Salaries expense 2,000 27,984 2,016 3,216 1,584 622 637 Insurance expense Rent expense 640 652 Supplies expense Totals $ 100,300 $ 100,300 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 $45,800 on December 31 of the prior year. Complete this questions by entering your an below. Required 1 Required 2 Prepare the December 31 post-closing trial balanc Capital account balance was $45,800 on Decembe CRUZ COMPANY Post-Closing Trial Balance December 31 Debit Credit Totals
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