Following are accounts and year-end adjusted balances of Cruz Company as of December 31. NumberAccount Title DebitCredit101Cash$ 18,000 126Supplies 12,000 128 Prepaid insurance 2,000 167 Equipment23,000 168 Accumulated depreciation Equipment $ 6,500301A. Cruz, Capital 47, 343302A. Cruz, Withdrawals 6,000 403Services revenue 33,300612Depreciation expense Equipment2, 000 622Salaries expense19, 414 637Insurance expense 1,399 640 Rent expense2, 231 652Supplies expense1,099 Totals$ 87, 143$ 87,143 Prepare the December 31 closing entries. The account number for Income Summary is 901. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $47,343 on December 31 of the prior year.

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. NumberAccount Title DebitCredit101Cash$ 18,000 126Supplies 12,000 128 Prepaid insurance 2,000 167 Equipment23,000 168 Accumulated depreciation Equipment $ 6,500301A. Cruz, Capital 47, 343302A. Cruz, Withdrawals 6,000 403Services revenue 33,300612Depreciation expense Equipment2, 000 622Salaries expense19, 414 637Insurance expense 1,399 640 Rent expense2, 231 652Supplies expense1,099 Totals$ 87, 143$ 87,143 Prepare the December 31 closing entries. The account number for Income Summary is 901. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $47,343 on December 31 of the prior year.

Name: Following are accounts and year-end adjusted balances of Cruz Company
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Description: Following are accounts and year-end adjusted balances of Cruz Company as of December 31. NumberAccountTitleDebitCredit101Cash$ 18,000 126Supplies 12,000 128 Prepaid insurance 2,000 167 Equipment23,000 168Accumulated depreciation Equipment $ 6,500301

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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