Following are accounts and year-end adjusted balances of Cruz Company as of December 31. ...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Following are accounts and year-end adjusted balances of Cruz Company as of December 31.
Number
Account Title
Debit
Credit
101
Cash
$ 18,000
126
Supplies
11,700
128
Prepaid insurance
2,000
167
Equipment
23,000
168
Accumulated depreciationEquipment
$ 6,500
301
A. Cruz, Capital
42,972
302
A. Cruz, Withdrawals
6,000
403
Services revenue
48,100
612
Depreciation expenseEquipment
2,000
622
Salaries expense
28,042
637
Insurance expense
2,020
640
Rent expense
3,223
652
Supplies expense
1,587
Totals
$ 97,572
$ 97,572
Prepare the December 31 closing entries. The account number for Income Summary is 901.
Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $42,972 on December 31 of the prior year.
Journal entry worksheet Record the entry to close revenue accounts. Note: Enter debits before credits. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $42,972 on December 31 of the prior year
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
