Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 128 167 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 403 Services revenue 612 Supplies Prepaid insurance Equipment 622 Salaries expense 637 Insurance expense 640 652 Depreciation expense-Equipment Required 1 Rent expense Supplies expense Totals < Required 2 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 $42,707 on December 31 of the prior year. Journal entry worksheet Complete this questions by entering your answers in the tabs below. 1 Debit $ 18,000 11,600 2,000 23,000 2 6,000 2,000 28,392 Prepare the December 31 closing entries. The account number for Income Summary is 901. 3 Credit 4 $6,500 42,707 48,700 2,045 3,263 1,607 $ 97,907 $ 97,907

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 128 167 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 403 Services revenue 612 Supplies Prepaid insurance Equipment 622 Salaries expense 637 Insurance expense 640 652 Depreciation expense-Equipment Required 1 Rent expense Supplies expense Totals < Required 2 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 $42,707 on December 31 of the prior year. Journal entry worksheet Complete this questions by entering your answers in the tabs below. 1 Debit $ 18,000 11,600 2,000 23,000 2 6,000 2,000 28,392 Prepare the December 31 closing entries. The account number for Income Summary is 901. 3 Credit 4 $6,500 42,707 48,700 2,045 3,263 1,607 $ 97,907 $ 97,907

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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