Exercise 4-9 (Algo) Preparing closing entries and a post-closing trial balance LO P2 Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance. 167 Equipment 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 Debit $ 18,000 10,300 2,000 23,000 Credit $ 6,500. 41,105 49,800 6,000 2,000 29,033 2,092 3,337 1,643 $ 97,405 $ 97,405 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 $41,105 on December 31 of the prior year.

Exercise 4-9 (Algo) Preparing closing entries and a post-closing trial balance LO P2 Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance. 167 Equipment 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 Debit $ 18,000 10,300 2,000 23,000 Credit $ 6,500. 41,105 49,800 6,000 2,000 29,033 2,092 3,337 1,643 $ 97,405 $ 97,405 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 $41,105 on December 31 of the prior year.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section22.1: Preparing Adjusting Entries

Problem 1WT

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