Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit $ 18,000 101 Cash 126 Supplies 13,700 2,000 128 Prepaid insurance 167 Equipment 23,000 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals Services revenue 403 612 622 637 640 652 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals 6,000 2,000 24,078 1,735 2,767 1,363 $94,643 Credit $ 6,500 46,843 41,300 $ 94,643 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 $46,843 on December 31 of the prior year.

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit $ 18,000 101 Cash 126 Supplies 13,700 2,000 128 Prepaid insurance 167 Equipment 23,000 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals Services revenue 403 612 622 637 640 652 Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals 6,000 2,000 24,078 1,735 2,767 1,363 $94,643 Credit $ 6,500 46,843 41,300 $ 94,643 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 $46,843 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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