The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31,
Question:
The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2013, the end of its fiscal year.
(1) Prepare the December 31, 2013, closing entries for Cruz Company. Assume the account number for Income Summary is 901.
(2) Prepare the December 31, 2013, post-closing trial balance for CruzCompany.
No. 10 Cash 28 Prepaid insurance.. Account Title Debit Credit $19,000 13,000 3,000 24,000 168 Accumulated depreciation- Equipment 30 T Cruz, Capital. $7,500 47,600 7,000 404 Services revenue 612 Depreciation expense -Equipment 44,000 3,000 637 Insurance expense 640 Rent expense. 652 Supplies expense... 2,500 3,400 2,200
Step by Step Answer:
1 2013 Dec 31 Services Revenue 404 44000 Income Summary 901 44000 To close the revenue account ...View the full answer
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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