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 A. Cruz, Capital 302 A. Cruz, Withdrawals 403 Services revenue Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 652 Rent expense Supplies expense Totals Debit $ 18,000 11,600 Credit 2,000 23,000 $ 6,500 45,320 6,000 39,200 2,000 22,854 1,646 2,626 1,294 $ 91,020 $91,020 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 $45,320 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 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 403 Services revenue Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 652 Rent expense Supplies expense Totals Debit $ 18,000 11,600 Credit 2,000 23,000 $ 6,500 45,320 6,000 39,200 2,000 22,854 1,646 2,626 1,294 $ 91,020 $91,020 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 $45,320 on December 31 of the prior year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
A. Cruz, Capital
302
A. Cruz, Withdrawals
403
Services revenue
Depreciation expense-Equipment
622
Salaries expense
637
Insurance expense
640
652
Rent expense
Supplies expense
Totals
Debit
$ 18,000
11,600
Credit
2,000
23,000
$ 6,500
45,320
6,000
39,200
2,000
22,854
1,646
2,626
1,294
$ 91,020
$91,020
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 $45,320 on December 31 of
the prior year.
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