The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Account Title Debit Credit No. 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals $18,000 11,500 2,000 23,000 $ 6,500 43,214 6,000 404 Services revenue 46,500 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense 2,000 27,110 1,953 3,116 1,535 Totals $96,214 $96,214 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: A. Cruz, Capital was $43,214 on December 31 of the prior year.

The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Account Title Debit Credit No. 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals $18,000 11,500 2,000 23,000 $ 6,500 43,214 6,000 404 Services revenue 46,500 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense 2,000 27,110 1,953 3,116 1,535 Totals $96,214 $96,214 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: A. Cruz, Capital was $43,214 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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