The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.No.101 Cash126 Supplies128 Prepaid insurance167 Equipment168 Accumulated depreciation-Equipment301 A. Cruz, Саpital302 A. Cruz, Withdrawals404 Services revenueAccount TitleDebitCredit$18,0009,5002,00023,000$ 6,50040,6076,00048,700612 Depreciation expense-Equipment622 Salaries expense637 Insurance expense640 Rent expense652 Supplies expense2,00028,3922,0453,2631,607$95,807 $95,807Totals1. 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 $40,607 on December 31 of theprior year. Journal entry worksheet14Record the entry to close revenue accounts.Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31Record entryClear entryView general journal

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Description: The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.No.101 Cash126 Supplies128 Prepaid insurance167 Equipment168 Accumulated depreciation-Equipment301 A. Cruz, Саpital302 A. Cruz, Withdr

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The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Account Title Credit No. 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Debit $18,000 9,500 2,000 23,000 $ 6,500 40,607 6,000 48,700 2,000 28,392 2,045 3,263 1,607 $95,807 $95,807 Totals 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 $40,607 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 Credit No. 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Debit $18,000 9,500 2,000 23,000 $ 6,500 40,607 6,000 48,700 2,000 28,392 2,045 3,263 1,607 $95,807 $95,807 Totals 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 $40,607 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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