Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 128 167 168 307 403 612 622 637 Supplies Prepaid insurance Common stock 318 Retained earnings 319 Dividends Services revenue 640 652 Equipment Accumulated depreciation-Equipment Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals Debit $ 18,000 14,400 2,000 23,000 6,000 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.
Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 128 167 168 307 403 612 622 637 Supplies Prepaid insurance Common stock 318 Retained earnings 319 Dividends Services revenue 640 652 Equipment Accumulated depreciation-Equipment Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals Debit $ 18,000 14,400 2,000 23,000 6,000 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.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.1E: Current Liabilities The following items are accounts on Smiths balance sheet of December 31, 2016:...
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