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 168 387 318 319 403 612 Depreciation expense-Equipment 622 637 640 652 Accumulated depreciation Equipment Common stock Retained earnings Dividends Services revenue Salaries expense Insurance expense Rent expense Supplies expense Totals Debit $ 18,000 14,500 2,000 23,000 6,000 Credit $ 6,500 8,025 38,600 45,000 2,000 26,235 1,899 3,015 1,485 $ 98,125 $ 98,125 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 Supplies 128 Prepaid insurance 167 Equipment 168 387 318 319 403 612 Depreciation expense-Equipment 622 637 640 652 Accumulated depreciation Equipment Common stock Retained earnings Dividends Services revenue Salaries expense Insurance expense Rent expense Supplies expense Totals Debit $ 18,000 14,500 2,000 23,000 6,000 Credit $ 6,500 8,025 38,600 45,000 2,000 26,235 1,899 3,015 1,485 $ 98,125 $ 98,125 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.

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.Number Account Title101Cash126128167168307318319403612 Depreciation expense-Equipment622637640652SuppliesPrepaid insuranceEquipmentAccumulated depreciation Equip

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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