Following are accounts and year-end adjusted balances of Cruz Company as of December 31.Number Account Title101Cash126Supplies128Prepaid insurance167Equipment168 Accumulated depreciation-Equipment307318319403612622637640652Common stockRetained earningsDividendsServices revenueDepreciation expense-EquipmentSalaries expenseInsurance expenseRent expenseSupplies expenseTotalsRequired 1 Required 2Debit$ 18,00014,4002,00023,0006,000View transaction listCreditJournal entry worksheet$ 6,5006,55038,6001. 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 Retained Earnings account balance was $38,600 on December 31 ofthe prior year.Complete this questions by entering your answers in the tabs below.50,0002,00029,1502,1003,3501,650$ 101,650 $ 101,650Prepare the December 31 closing entries. The account number for Income Summary is 901. Following are accounts and year-end adjusted balances of Cruz Company as of December 31.Number Account Title101Cash126Supplies128Prepaid insurance167Equipment168 Accumulated depreciation-Equipment307318319403612622637640652Common stockRetained earningsDividendsServices revenueDepreciation expense-EquipmentSalaries expenseInsurance expenseRent expenseSupplies expenseTotalsRequired 1 Required 2Debit$ 18,00014,4002,00023,0006,000View transaction listCreditJournal entry worksheet$ 6,5006,55038,6001. 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 Retained Earnings account balance was $38,600 on December 31 ofthe prior year.Complete this questions by entering your answers in the tabs below.50,0002,00029,1502,1003,3501,650$ 101,650 $ 101,650Prepare the December 31 closing entries. The account number for Income Summary is 901.

Name: Following are accounts and year-end adjusted balances of Cruz Company
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Description: Following are accounts and year-end adjusted balances of Cruz Company as of December 31.Number Account Title101Cash126Supplies128Prepaid insurance167Equipment168 Accumulated depreciation-Equipment307318319403612622637640652Common stockRetained earni

Preparation of closing entries is a method used by the business entity to close its temporary…

Business

Accounting

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 128 167 168 307 318 319 403 612 622 637 640 652 Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Common stock Retained earnings Dividends Services revenue Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals Debit $ 18,000 14,400 2,000 23,000 6,000 Required 1 Required 2 2,000 29,150 Credit $6,500 6,550 38,600 50,000 2,100 3,350 1,650 $ 101,650 $ 101,650 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 Retained Earnings account balance was $38,600 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below.

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 128 167 168 307 318 319 403 612 622 637 640 652 Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Common stock Retained earnings Dividends Services revenue Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals Debit $ 18,000 14,400 2,000 23,000 6,000 Required 1 Required 2 2,000 29,150 Credit $6,500 6,550 38,600 50,000 2,100 3,350 1,650 $ 101,650 $ 101,650 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 Retained Earnings account balance was $38,600 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below.

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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