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Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment $ 18,000 13,800 2,000 23,000 126 128 167 168 $ 6,500 307 Common stock Retained earnings 9,555 35,600 318 319 Dividends 6,000 403 Services revenue 47,800 Depreciation expense-Equipment Salaries expense 612 2,000 622 27,867 637 Insurance expense 2,008 3,203 577,מ $ 99,455 640 Rent expense Supplies expense 652 Totals $ 99,455 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 Retained Earnings account balance was $35,600 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 closing entries. The account number for Income Summary is 901.

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment $ 18,000 13,800 2,000 23,000 126 128 167 168 $ 6,500 307 Common stock Retained earnings 9,555 35,600 318 319 Dividends 6,000 403 Services revenue 47,800 Depreciation expense-Equipment Salaries expense 612 2,000 622 27,867 637 Insurance expense 2,008 3,203 577,מ $ 99,455 640 Rent expense Supplies expense 652 Totals $ 99,455 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 Retained Earnings account balance was $35,600 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 closing entries. The account number for Income Summary is 901.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment $ 18,000 13,800 2,000 23,000 126 128 167 168 $ 6,500 9,555 35,600 307 Common stock 318 Retained earnings Dividends Services revenue 319 6,000 403 47,800 612 Depreciation expense-Equipment Salaries expense 2,000 27,867 2,008 3,203 1,577 $ 99,455 622 637 Insurance expense Rent expense Supplies expense 640 652 Totals $ 99,455 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 Retained Earnings account balance was $35,600 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 closing entries. The account number for Income Summary is 901. View transaction list
Transcribed Image Text:Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment $ 18,000 13,800 2,000 23,000 126 128 167 168 $ 6,500 9,555 35,600 307 Common stock 318 Retained earnings Dividends Services revenue 319 6,000 403 47,800 612 Depreciation expense-Equipment Salaries expense 2,000 27,867 2,008 3,203 1,577 $ 99,455 622 637 Insurance expense Rent expense Supplies expense 640 652 Totals $ 99,455 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 Retained Earnings account balance was $35,600 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 closing entries. The account number for Income Summary is 901. View transaction list
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