Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 10,100 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation-Equipment $ 6,500 307 Common stock 9, 103 318 Retained earnings 32,600 319 Dividends 6,000 403 Services revenue 46, 900 612 Depreciation expense- Equipment 2,000 622 Salaries expense 27,343 637 Insurance expense 1, 970 640 Rent expense 3, 142 652 Supplies expense 1, 548 Totals $ 95, 103 $ 95, 103 Prepare the December 31 closing entries. The account number for Income Summary is 901. Prepare the December 31 post - closing trial balance. Note: The Retained Earnings account balance was $32, 600 on December 31 of the prior year.
Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 10,100 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation-Equipment $ 6,500 307 Common stock 9, 103 318 Retained earnings 32,600 319 Dividends 6,000 403 Services revenue 46, 900 612 Depreciation expense- Equipment 2,000 622 Salaries expense 27,343 637 Insurance expense 1, 970 640 Rent expense 3, 142 652 Supplies expense 1, 548 Totals $ 95, 103 $ 95, 103 Prepare the December 31 closing entries. The account number for Income Summary is 901. Prepare the December 31 post - closing trial balance. Note: The Retained Earnings account balance was $32, 600 on December 31 of the prior year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number
Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 10, 100 128 Prepaid insurance 2,000 167
Equipment 23,000 168 Accumulated depreciation-Equipment $ 6,500 307 Common stock 9, 103 318
Retained earnings 32,600 319 Dividends 6,000 403 Services revenue 46, 900 612 Depreciation expense—
Equipment 2,000 622 Salaries expense 27, 343 637 Insurance expense 1, 970 640 Rent expense 3, 142 652
Supplies expense 1,548 Totals $ 95, 103 $ 95, 103 Prepare the December 31 closing entries. The account
number for Income Summary is 901. Prepare the December 31 post - closing trial balance. Note: The
Retained Earnings account balance was $32,600 on December 31 of the prior year.
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