FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Following are accounts and year-end adjusted balances of Cruz Company as of December 31.
101
126
128
167
168
301
302
403
612
622
637
640
652
Cash
Supplies
Prepaid insurance
Equipment
Accumulated depreciation Equipment
A. Cruz, Capital
A. Cruz, Withdrawals
Services revenue
Depreciation expense-Equipment
Salaries expense
Insurance expense
Rent expense
Supplies expense
Totals
$ 18,000
9,200
2,000
23,000
6,000
2,000
20,522
1,478
2,358
1,162
$ 85,720
$ 6,500
44,020
35,200
$ 85,720
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 $44,020 on December 31 of
the prior year.
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Transcribed Image Text:Following are accounts and year-end adjusted balances of Cruz Company as of December 31. 101 126 128 167 168 301 302 403 612 622 637 640 652 Cash Supplies Prepaid insurance Equipment Accumulated depreciation Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals $ 18,000 9,200 2,000 23,000 6,000 2,000 20,522 1,478 2,358 1,162 $ 85,720 $ 6,500 44,020 35,200 $ 85,720 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 $44,020 on December 31 of the prior year.
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