The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.No.Account TitleDebitCredit101 Cash$18,0009,9002,00023,000126 Supplies128 Prepaid insurance167 Equipment168 Accumulated depreciation-Equipment301 A. Cruz, Capital302 A. Cruz, Withdrawals404 Services revenue$ 6,50042,4656,00043,400612 Depreciation expense-Equipment622 Salaries expense2,00025,3021,8232,908637 Insurance expense640 Rent expense652 Supplies expense1,432Totals$92,365$92,3651. 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 $42,465 on December 31 of theprior year.Complete this questions by entering your answers in the tabs below. Journal entry worksheet124>Record the entry to close revenue accounts.Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31Record entryClear entryView general journal

Name: The following adjusted trial balance contains the accounts and year-e
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.No.Account TitleDebitCredit101 Cash$18,0009,9002,00023,000126 Supplies128 Prepaid insurance167 Equipment168 Accumulated depreciation-E

A post-closing trial balance is used to be prepared after all the adjustments and closing entries.…

Business

Accounting

The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Debit $18,000 9,900 2,000 23,000 No. Account Title Credit 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 $ 6,500 42,465 6,000 43,400 2,000 25,302 1,823 2,908 1,432 Totals $92,365 $92,365 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 $42,465 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. Debit $18,000 9,900 2,000 23,000 No. Account Title Credit 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 $ 6,500 42,465 6,000 43,400 2,000 25,302 1,823 2,908 1,432 Totals $92,365 $92,365 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 $42,465 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

See similar textbooks

Similar questions

Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company’s income tax rate is 30% for all items. Debit Credit a. Interest revenue $ 14,600 b. Depreciation expense—Equipment $ 34,600 c. Loss on sale of equipment 26,450 d. Accounts payable 44,600 e. Other operating expenses 107,000 f. Accumulated depreciation—Equipment 72,200 g. Gain from settlement of lawsuit 44,600 h. Accumulated depreciation—Buildings 175,700 i. Loss from operating a discontinued segment (pretax) 18,850 j. Gain on insurance recovery of tornado damage 29,720 k. Net sales 1,004,500 l. Depreciation expense—Buildings 52,600 m. Correction of overstatement of prior year’s sales (pretax) 16,600 n. Gain on sale of discontinued segment’s assets (pretax) 37,000 o. Loss from settlement of lawsuit 24,350 p. Income tax expense ? q. Cost of goods sold 488,500…
As Perry Materials Supply was preparing for the year-end close, their balances were as follows: Accounts Receivable - $146000 (dr) Allowance for uncollectible accounts - $6200 (dr) Uncollected Account Expense - $0 Perry Materials uses the aging method and has completed the following analysis of the accounts receivable: Customer 1-30 Days 31-60 Days 61-90 Days Over 90 Days Total Balance Johnson $4,600 $3,200 $7,800 Hot Pots, Inc. 800 1,000 1,800 Potter 40,000 550 40,550 Harrison 3,600 900 4,500 Marx 2,000 50 2,050 Younger 65,000 65,000 Merry Maids 5,900 5,900 Acher 12,000 6,400 18,400 Totals $127,500 $13,750 $3,700 $1,050 $146,000 Uncollectible percentage 2% 10% 20% 40% Estimated uncollectible amount $2,550 $1,375 $740 $420 $5,085 Required: How much will the…
At December 31, 2024, Crane Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: Accounts payable Accounts receivable Account Cash Cost of goods sold Interest receivable Interest revenue Merchandise inventory Notes receivable, due April 10, 2025 Prepaid insurance Sales Sales returns and allowances Short-term investments Unearned revenue (a) Date Account Titles Dec. 31 Debit $686,000 39,200 1,715,000 1,100 318,500 44,100 7,840 98,000 49,000 Credit $343,000 2,200 3,596,600 Prepare the journal entry to record the bad debt expense on December 31, 2024, assuming the credit manager estimates that 4% of the accounts receivable will become uncollectible. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) 24,500 Debit Credit
The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000; Sales Revenue $832,000; and Sales Returns and Allowances $18,100. If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at (a) December 31, assuming Pina Colada determines that L. Dole's $1,000 balance is uncollectible. If Allowance for Doubtful Accounts has a credit balance of $2,000 in the trial balance, journalize the adjusting entry at (b) December 31, assuming bad debts are expected to be 11% of accounts receivable. If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry (c) December 31, assuming bad debts are expected to be 8% of accounts receivable.
Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 126 $ 18,000 14,500 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue 2,000 23,000 128 167 $ 6,500 45,800 168 301 302 6,000 403 48,000 612 Depreciation expense-Equipment Salaries expense 2,000 27,984 2,016 3,216 1,584 622 637 Insurance expense Rent expense 640 652 Supplies expense Totals $ 100,300 $ 100,300 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 $45,800 on December 31 of the prior year. Complete this questions by entering your an below. Required 1 Required 2 Prepare the December 31 post-closing trial balanc Capital account balance was $45,800 on Decembe CRUZ COMPANY Post-Closing Trial Balance December 31 Debit Credit Totals
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). M. Muncel, Capital Dated May 31 M. Muncel, Withdrawals Date May 31 Services Revenue Date May 31 Depreciation Expense Date May 31 PR G2 PR G2 PR G2 PR G2 Debit Debit Debit Debit General Ledger Account Number 301 Salaries Expense Credit Balance 84,000 Account Number 302 Credit Balance 50,000 Account Number 403 Credit Balance 148,008 Account Number 603 Credit Balance 15,000 Date May 31 Insurance Expense Date May 31 Rent Expense Date May 31 Income Summary Date PR G2 PR G2 PR G2 PR Debit Debit Debit Debit Account Number 622 Credit Balance 42,000 Account Number 637 Credit Balance 3,900 Account Number 640 Credit Balance 8,400 Account Number 901 Balance Credit (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date.
Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,200; Accounts Receivable, $7,500; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,800. Prepare the current assets section of Dorothy's year-end balance sheet
Reporting Uncollectible Accounts and Accounts Receivable (FSET) LaFond Company analyzes its accounts receivable at December 31 and arrives at the aged categories below along with the percentages that are estimated as uncollectible. \table [[Age Group, Accounts Receivable, \table [[Estimated], [Loss %]]], [Current (not past due), $375,000, 0.50%
Selected accounts from Lue Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity Equipment Salaries payable Accounts receivable Cash Current portion of long-term debt Notes payable (due in 6 years) LUE COMPANY Balance Sheet December 31 Assets $ 31,500 Employee federal income taxes payable 41,500 Federal unemployment taxes payable 35,500 FICA-Medicare taxes payable 8,300 55,100 5,500 10,000 FICA-Social Security taxes payable Employee medical insurance payable State unemployment taxes payable Sales tax payable (due in 2 weeks) $ 10,300 210 560 4, 200 3,500 3,200 430
Use the following selected accounts and amounts with normal balances from Juan Company's adjusted trial balance to prepare its classified balance sheet at December 31. Wages payable Building Cash Interest payable L. Juan, Capital $ 1,160 Accounts receivable 116,000 Accumulated depreciation-Building 20,880 Notes payable (due in 5 years) 2,320 Notes receivable (due in 14 years) 58,000 Accounts payable JUAN COMPANY Balance Sheet December 31 $ 8,120 34,800 59,160 23,200 12,760
Use the following selected accounts and amounts with normal balances from Andrea Company’s adjusted trial balance to prepare its classified balance sheet at December 31. Accounts payable $ 10,100 Accounts receivable $ 4,350 Land 33,500 Accumulated depreciation—Machinery 17,400 Cash 14,050 Notes payable (due in 7 years) 31,800 Salaries payable 1,350 Long-term investments in bonds 7,700 S. Andrea, Capital 47,600 Notes receivable (due in 4 years) 17,100 Machinery 22,800 Merchandise inventory 5,350 Prepaid insurance 3,400
The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $106,000 $113,000 $120,600 Sales on account 602,250 584,000 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days