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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 A. Cruz, Capital A. Cruz, Withdrawals Services revenue 302 403 612 622 637 640 652 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals Required 1 Required 2 Debit $ 18,000 9,900 2,000 23,000 View transaction list 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 $44,995 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. Journal entry worksheet Prax Credit 6,000 2,000 19,939 1,436 2,291 1, 129 $ 85,695 $ 85,695 Prepare the December 31 closing entries. The account number for Income Summary is 901. $ 6,500 44,995 34,200 1 of 4 H Next Check my work

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 A. Cruz, Withdrawals Services revenue 302 403 612 622 637 640 652 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals Required 1 Required 2 Debit $ 18,000 9,900 2,000 23,000 View transaction list 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 $44,995 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. Journal entry worksheet Prax Credit 6,000 2,000 19,939 1,436 2,291 1, 129 $ 85,695 $ 85,695 Prepare the December 31 closing entries. The account number for Income Summary is 901. $ 6,500 44,995 34,200 1 of 4 H Next Check my work

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 126 128 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 403 Services revenue Supplies Prepaid insurance 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 652 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 $44,995 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. View transaction list Debit $ 18,000 9,900 2,000 23,000 Journal entry worksheet Credit < Prev $ 6,500 44,995 34,200 Prepare the December 31 closing entries. The account number for Income Summary is 901. 1 of 4 6,000 2,000 19,939 1,436 2,291 1,129 $ 85,695 $ 85,695 Check my work Next >
Transcribed Image Text:Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 128 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 403 Services revenue Supplies Prepaid insurance 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 652 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 $44,995 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. View transaction list Debit $ 18,000 9,900 2,000 23,000 Journal entry worksheet Credit < Prev $ 6,500 44,995 34,200 Prepare the December 31 closing entries. The account number for Income Summary is 901. 1 of 4 6,000 2,000 19,939 1,436 2,291 1,129 $ 85,695 $ 85,695 Check my work Next >
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