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Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit $ 18,000 101 Cash 126 Supplies 13,700 2,000 128 Prepaid insurance 167 Equipment 23,000 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals Services revenue 403 612 622 637 640 652 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals 6,000 2,000 24,078 1,735 2,767 1,363 $94,643 Credit $ 6,500 46,843 41,300 $ 94,643 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 $46,843 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 $ 18,000 101 Cash 126 Supplies 13,700 2,000 128 Prepaid insurance 167 Equipment 23,000 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals Services revenue 403 612 622 637 640 652 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals 6,000 2,000 24,078 1,735 2,767 1,363 $94,643 Credit $ 6,500 46,843 41,300 $ 94,643 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 $46,843 on December 31 of the prior year.

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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Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 As Cruza A. 302 403 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 652 Cruz, Capital A. Cruz, Withdrawals Servic Services revenue Rent expense Supplies expense Totals Required 1 Required 2 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 $46,843 on December 31 of the prior year. View transaction list Complete this questions by entering your answers in the tabs below. Journal entry worksheet 1 2 Prepare the December 31 closing entries. The account number for Income Summary is 901. Record the entry to close revenue accounts. Date December 31 3 4 Note: Enter debits before credits. Record entry Debit $ 18,000 13,700 2,000 23,000 6,000 2,000 24,078 General Journal Clear entry Credit $ 6,500 46,843 41,300 1,735 2,767 1,363 $ 94,643 $ 94,643 Debit Credit View general journal >
Transcribed Image Text:Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 As Cruza A. 302 403 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 652 Cruz, Capital A. Cruz, Withdrawals Servic Services revenue Rent expense Supplies expense Totals Required 1 Required 2 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 $46,843 on December 31 of the prior year. View transaction list Complete this questions by entering your answers in the tabs below. Journal entry worksheet 1 2 Prepare the December 31 closing entries. The account number for Income Summary is 901. Record the entry to close revenue accounts. Date December 31 3 4 Note: Enter debits before credits. Record entry Debit $ 18,000 13,700 2,000 23,000 6,000 2,000 24,078 General Journal Clear entry Credit $ 6,500 46,843 41,300 1,735 2,767 1,363 $ 94,643 $ 94,643 Debit Credit View general journal >
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