Following are accounts and year-end adjusted balances of Cruz Company as of December 31.NumberAccount TitleDebitCredit101CashSuppliesPrepaid insuranceEquipmentAccumulated depreciation-Equipment$ 18,00013,8002,00023,000126128167168$ 6,5009,55535,600307Common stock318Retained earningsDividendsServices revenue3196,00040347,800612Depreciation expense-EquipmentSalaries expense2,00027,8672,0083,2031,577$ 99,455622637Insurance expenseRent expenseSupplies expense640652Totals$ 99,4551. 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 $35,600 on December 31 ofthe prior year.Complete this questions by entering your answers in the tabs below.Required 1Required 2Prepare the December 31 closing entries. The account number for Income Summary is 901.View transaction list

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.NumberAccount TitleDebitCredit101CashSuppliesPrepaid insuranceEquipmentAccumulated depreciation-Equipment$ 18,00013,8002,00023,000126128167168$ 6,5009,55535,6003

Closing entries are reported in the books to close the temporary accounts at the end of the year.

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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 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment $ 18,000 13,800 2,000 23,000 126 128 167 168 $ 6,500 307 Common stock Retained earnings 9,555 35,600 318 319 Dividends 6,000 403 Services revenue 47,800 Depreciation expense-Equipment Salaries expense 612 2,000 622 27,867 637 Insurance expense 2,008 3,203 577,מ $ 99,455 640 Rent expense Supplies expense 652 Totals $ 99,455 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 $35,600 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare 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 Title Debit Credit 101 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment $ 18,000 13,800 2,000 23,000 126 128 167 168 $ 6,500 307 Common stock Retained earnings 9,555 35,600 318 319 Dividends 6,000 403 Services revenue 47,800 Depreciation expense-Equipment Salaries expense 612 2,000 622 27,867 637 Insurance expense 2,008 3,203 577,מ $ 99,455 640 Rent expense Supplies expense 652 Totals $ 99,455 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 $35,600 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 closing entries. The account number for Income Summary is 901.

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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