Journal entry worksheet134>Record the entry to close revenue accounts.Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31Record entryClear entryView general journal The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.No.Account TitleDebitCredit$18,0009,7002,00023,000101 Cash126 Supplies128 Prepaid insurance167 Equipment168 Accumulated depreciation-Equipment301 A. Cruz, Capital302 A. Cruz, Withdrawals404 Services revenue$ 6,50044,4396,00035,500612 Depreciation expense-Equipment622 Salaries expense637 Insurance expense640 Rent expense652 Supplies expense2,00020,6971,4912,3791,172$86,439 $86,439Totals1. 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 $44,439 on December 31 of theprior year.

The trial balance is prepared by posting the final balance from the T-accounts.

Answered: Debit $18,000 9,700 2,000 23,000 No.…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 4PB: The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal...

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The balances of the ledger accounts of Pelango Furniture as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows: ab. Merchandise Inventory at December 31, 104,565. c. Wages accrued at December 31, 934. d. Supplies inventory (on hand) at December 31, 755. e. Depreciation of store equipment, 4,982. f. Depreciation of office equipment, 1,531. g. Insurance expired during the year, 935. h. Rent earned, 2,450. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 16.
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The balances of the ledger accounts of Beldren Home Center as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows: ab. Merchandise Inventory at December 31, 102,765. c. Wages accrued at December 31, 1,834. d. Supplies inventory (on hand) at December 31, 645. e. Depreciation of store equipment, 5,782. f. Depreciation of office equipment, 1,791. g. Insurance expired during the year, 845. h. Rent earned, 2,500. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 16.
The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. The data needed for adjustments on January 31 are as follows: ab.Merchandise inventory, January 31, 55,750. c.Insurance expired for the year, 1,285. d.Depreciation for the year, 5,482. e.Accrued wages on January 31, 1,556. f.Supplies used during the year 1,503. Required 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. Ignore this step if using CLGL. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. Check Figure Net loss, 1,737
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