Required 1 Required 2Prepare the December 31 closing entries. The account number for Income Summary is 901.View transaction listJournal entry worksheet12 3 4Record the entry to close revenue accounts.Note: Enter debits before credits.DateDecember31General JournalDebitCredit>Say Following are accounts and year-end adjusted balances of Cruz Company as of December 31.Number Account Title101Cash126Supplies128 Prepaid insurance167Equipment168 Accumulated depreciation-Equipment301A. Cruz, Capital302A. Cruz, Withdrawals403Services revenue612 Depreciation expense-Equipment622637640652Salaries expenseInsurance expenseRent expenseSTOLARTEMENARSupplies expenseTotalsDebit$ 18,00011,0002,00023,000Required 1RAFASTERRequired 2MASTECreditMANCHES$ 6,50046,425Complete this questions by entering your answers in the tabs below.6,0002,00019,2391,3862,2111,089$ 85,925 $ 85,9251. 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 $46,425 on December 31 ofthe prior year.33,000Prepare the December 31 closing entries. The account number for Income Summary is 901.

Closing entries:— These are journal entries that are passed at the end of the accounting period to…

Answered: Following are accounts and year-end…

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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Accounts payable $281,700 Prepaid insurance $6,800 Property and equipment 672,500 Contributed capital 380,600 Cost of service expense 183,600 Other revenue 114,100 Supplies inventory 216,900 Deferred revenue 83,600 Service revenue 904,000 Depreciation expense 57,750 Bonds payable 229,600 Accounts receivable 607,550 Interest receivable 4,300 Rent expense 30,500 Retained earnings 187,400 Cash 351,340 Notes payable 356,040 Accrued liabilities 23,400 Investments 146,400 Prepaid rent 11,200 Accumulated depreciation 128,900 Administrative and general expense (includes interest, utilities, etc.) 64,300 Supplies expense 336,200 Income tax payable 0 Based on the following data for Checkmate Company, prepare a Statement of Retained Earnings and demonstrate that the accounting equation remains in balance after the retained earnings account has been updated. (Assume that the…
You are provided with the following information for Crane Company, effective as of its April 30, 2025, year-end. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment in land Land $ 838 (21) 910 560 1,330 16,800 1,050 Mortgage payable (long-term) Notes payable (short-term) Prepaid insurance Retained earnings (beginning) Salaries and wages expense Salaries and wages payable 375 310 2,490 1,800 160 130 380 550 950 13,925 3,000 Sales revenue Stock investments (short-term) 4,100 62 50 2,000 800 290 5,000 1,700
La Cash Land Long-term investments Merchandise inventory Notes receivable (due in 30 days) Notes receivable (due in 5 years) Prepaid insurance Short-term investments Supplies Total assets $ 12,000 30,000 15,000 O $20,750 O $24.750 O $30,750 O $80,750 6,000 1,000 5,000 1,500 10,000 250 $ 80,750 The company's unclassified balance sheet reported the assets listed in the above table. The total current assets that would be reported on a classified balance sheet prepared for the company are:
Subject-Acounting
Net Income , SFP
Prepare the closing entries Cash P4,650Accounts Receivables 5,200Supplies 640Accounts Payable P2,500Unearned Revenue 200Capital 5,000 Drawings 2,000Miscellaneous Expense 400Service Revenue 7,640Salaries Expense 1,650Representation Expense 350Supplies Expense 3,050Salaries Payable 600
Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market 7. prices of $149,100, S505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a…
Complete the aging schedule. Number of Days Accounts Outstanding Receivable Estimated % Uncollectible 0-45 days $ $734,000 2% 46-90 days 265,000 5% Over 90 days 106,000 15% Total $1,105,000 +A $ Total Estimated Uncollectible Acco
The accounts payable balance at the beginning of the year was $98,000. The company purchased $445,000 worth of goods on account, and the ending balance of the payables account was $135,000. What were the total payments on account? Multiple Choice $548,000 $463,000 $408.000 $478.000
Woods Company Adjusted Trial Balance for the year ended December 31st 2012 DETAILS DEBIT $ CREDIT $ Cash 45,000 Accounts Receivable 50,000 Inventory 96,000 Equipment 100,000 Accumulated depreciation-equipment 20,000 Accounts payable 56,000 D. Woods - Capital 201,000 D. Woods - Drawing 36,000 Sales revenue 455,000 Sales returns and allowances 30,000 Sales discounts 25,000 Cost of goods sold 260,000 Salary expense 52,000 Insurance expense 9,000 Utilities expense 19,000 Depreciation expense 10,000 Delivery expense 15,000 Interest revenue 28,000 Interest expense 13,000 Total 760,000 760,000 Required: Prepare the company’s closing entries Prepare a multiple-step income statement, statement…
Income statement , SFP
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