Following are accounts and year-end adjusted balances of Cruz Company as of December 31. 1. Prepare the
Question:
Following are accounts and year-end adjusted balances of Cruz Company as of December 31.
1. Prepare the December 31 closing entries. The account number for Income Summary is 901.
2. Prepare the December 31 post-closing trial balance. The A. Cruz, Capital account balance was $47,600 on December 31 of the prior year.
Transcribed Image Text:
No. Account Title Debit Credit 101 Cash.... $19,000 Supplies..... Prepaid insurance. 126 13,000 3,000 24,000 128 167 Equipment... Accumulated depreciation-Equipment A. Cruz, Capital..... A. Cruz, Withdrawals. 168 $ 7,500 301 47,600 302 7,000 403 Services revenue 44,000 612 3,000 Depreciation expense-Equipment.. Salaries expense. Insurance expense. Rent expense 622 22,000 2,500 3,400 637 640 652 Supplies expense 2,200 Totals.... $99,100 $99,100
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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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