Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit $ 18,000 14,500 101 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue 126 128 167 2,000 23,000 168 301 $ 6,500 45,800 302 403 6,000 48,000 612 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense 2,000 27,984 2,016 3,216 1,584 $ 100,300 $ 100,300 622 637 640 652 Totals 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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Enter everything in the general journal
Following are accounts and year-end adjusted balances of
Cruz Company as of December 31.
Number
Account Title
Debit
Credit
$ 18,000
14,500
2,000
23,000
101
Cash
Supplies
Prepaid insurance
Equipment
Accumulated depreciation-Equipment
A. Cruz, Capital
A. Cruz, Withdrawals
Services revenue
126
128
167
$ 6,500
45,800
168
301
302
6,000
403
48,000
Depreciation expense-Equipment
Salaries expense
Insurance expense
Rent expense
Supplies expense
2,000
27,984
2,016
3,216
1,584
612
622
637
640
652
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 answer
Required 1
Required 2
Prepare the December 31 closing entries. The accountI
901.
View transaction list
Journal entry worksheet
1
2
3 4
Record the entry to close revenue accounts.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Dec 31
Transcribed Image Text:Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit $ 18,000 14,500 2,000 23,000 101 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue 126 128 167 $ 6,500 45,800 168 301 302 6,000 403 48,000 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense 2,000 27,984 2,016 3,216 1,584 612 622 637 640 652 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 answer Required 1 Required 2 Prepare the December 31 closing entries. The accountI 901. View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
Date
General Journal
Debit
Credit
Dec 31
Transcribed Image Text:Date General Journal Debit Credit Dec 31
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