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Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit $ 18,000 14,500 101 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue 126 128 167 2,000 23,000 168 301 $ 6,500 45,800 302 403 6,000 48,000 612 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense 2,000 27,984 2,016 3,216 1,584 $ 100,300 $ 100,300 622 637 640 652 Totals 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 A. Cruz, Capital account balance was $45,800

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit $ 18,000 14,500 101 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue 126 128 167 2,000 23,000 168 301 $ 6,500 45,800 302 403 6,000 48,000 612 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense 2,000 27,984 2,016 3,216 1,584 $ 100,300 $ 100,300 622 637 640 652 Totals 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 A. Cruz, Capital account balance was $45,800

FINANCIAL ACCOUNTING
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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Enter everything in the general journal
Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit $ 18,000 14,500 2,000 23,000 101 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue 126 128 167 $ 6,500 45,800 168 301 302 6,000 403 48,000 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense 2,000 27,984 2,016 3,216 1,584 612 622 637 640 652 Totals $ 100,300 $ 100,300 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 A. Cruz, Capital account balance was $45,800 on December 31 of the prior year. Complete this questions by entering your answer Required 1 Required 2 Prepare the December 31 closing entries. The accountI 901. View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
Transcribed Image Text:Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit $ 18,000 14,500 2,000 23,000 101 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue 126 128 167 $ 6,500 45,800 168 301 302 6,000 403 48,000 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense 2,000 27,984 2,016 3,216 1,584 612 622 637 640 652 Totals $ 100,300 $ 100,300 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 A. Cruz, Capital account balance was $45,800 on December 31 of the prior year. Complete this questions by entering your answer Required 1 Required 2 Prepare the December 31 closing entries. The accountI 901. View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
Date General Journal Debit Credit Dec 31
Transcribed Image Text:Date General Journal Debit Credit Dec 31
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