NumberAccount Title101 Cash126 Supplies128 Prepaid insurance167 Equipment168307Accumulated depreciation-EquipmentCommon stockRetained earnings318319 Dividends404 Services revenue612 Depreciation expense-Equipment622 Salaries expense637 Insurance expense640652Rent expenseSupplies expenseTotalsDebit$ 19,00013,0003,00024,0007,000Required 1 Required 2Credit$7,50010,00037,60044,0003,00022,0002,5003,4002,200$ 99, 100 $ 99,1001. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901.2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings account balance was$37,600 on December 31 of the prior year.Complete this questions by entering your answers in the tabs below.Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901.

Closing entries are recorded in the books at the end of the period. These are reported for the…

Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense Insurance expense 637 640 Rent expense 652 Supplies expense Totals Debit $ 19,000 13,000 3,000 24,000 Credit Required 1 Required 2 $ 7,500 10,000 37,600 7,000 3,000 22,000 2,500 3,400 2,200 $ 99,100 $ 99,100 44,000 1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. 2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings account balance was $37,600 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901.

Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense Insurance expense 637 640 Rent expense 652 Supplies expense Totals Debit $ 19,000 13,000 3,000 24,000 Credit Required 1 Required 2 $ 7,500 10,000 37,600 7,000 3,000 22,000 2,500 3,400 2,200 $ 99,100 $ 99,100 44,000 1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. 2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings account balance was $37,600 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901.

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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