Following are accounts and year-end adjusted balances ofCruz Company as of December 31.NumberAccount TitleDebitCredit101126$ 18,00014,500CashSuppliesPrepaid insuranceEquipmentAccumulated depreciation-EquipmentA. Cruz, CapitalA. Cruz, WithdrawalsServices revenue2,00023,000128167$ 6,50045,8001683013026,00040348,000612Depreciation expense-EquipmentSalaries expense2,00027,9842,0163,2161,584622637Insurance expenseRent expense640652Supplies expenseTotals$ 100,300$ 100,3001. Prepare the December 31 closing entries. The accountnumber for Income Summary is 901.2. Prepare the December 31 post-closing trial balance.Note: The A. Cruz, Capital account balance was $45,800on December 31 of the prior year.Complete this questions by entering your anbelow.Required 1Required 2Prepare the December 31 post-closing trial balancCapital account balance was $45,800 on DecembeCRUZ COMPANYPost-Closing Trial BalanceDecember 31DebitCreditTotals

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 Cash $ 18,000 126 Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue 14,500 2,000 23,000 128 167 168 301 $ 6,500 45,800 302 6,000 403 48,000 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense 612 2,000 27,984 2,016 3,216 1,584 $ 100,300 $ 100,300 622 637 640 652 Supplies expense Totals 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 $45,800 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 Debit Credit 101 Cash $ 18,000 126 Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue 14,500 2,000 23,000 128 167 168 301 $ 6,500 45,800 302 6,000 403 48,000 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense 612 2,000 27,984 2,016 3,216 1,584 $ 100,300 $ 100,300 622 637 640 652 Supplies expense Totals 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 $45,800 on December 31 of the prior year.

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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