Following are accounts and year-end adjusted balances of Cruz Company as of December 31.NumberAccount Title101Cash126Supplies128Prepaid insurance167Equipment168Accumulated depreciation-Equipment301A. Cruz, Capital302A. Cruz, Withdrawals403Services revenueDepreciation expense-Equipment622Salaries expense637Insurance expense640652Rent expenseSupplies expenseTotalsDebit$ 18,00011,600Credit2,00023,000$ 6,50045,3206,00039,2002,00022,8541,6462,6261,294$ 91,020$91,0201. 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 ofthe prior year.

Closing entries are recorded at the end of the reporting period to eliminate the temporary…

Answered: Following are accounts and year-end…

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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Income statement and statement of financial position. Information attached below.

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