90.2K
Verified Solution
Link Copied!
The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2015, the end of its fiscal year. No. Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 8,400 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciationEquipment $ 6,500 301 T. Cruz, Capital 42,725 302 T. Cruz, Withdrawals 6,000 404 Services revenue 37,000 612 Depreciation expenseEquipment 2,000 622 Salaries expense 21,571 637 Insurance expense 1,554 640 Rent expense 2,479 652 Supplies expense 1,221 Totals $ 86,225 $ 86,225
1. Prepare the December 31, 2015, closing entries for Cruz Company. Assume the account number for Income Summary is 901.
2. Prepare the December 31, 2015, post-closing trial balance for Cruz Company.
Answer & Explanation
Solved by verified expert
