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.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 16E
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