Bilateral Contract Question 2 1 pts Jess claims that she hired Eric in May to paint her house by the end of July. Is this contract goverened by the Statute of Frauds? No, but only if the contract is valued under $500. No, this kind of agreement is not listed under the statute of frauds Yes, this contract is for an interest in real property. Yes, this is a contract that cannot be performed within a year. Question 3 the parties have agreed upon and is explicitly Which of the following is a condition stated in the contract? (hp Chapter 4 Completing the Accounting Cycle The following adjusted trial balance contains the accounts and year-end balances of Cruz Comp as of December 31. (1) Prepare the December 31 closing entries for Cruz Company. Assume the count number for Income Summary is 901. (2) Prepare the December 31 post-closing trial balan for Cruz Company. Note: The A. Cruz, Capital account balance was $47.600 on December 31 of prior year. No. Account Title Debit Credit $19.000 13,000 3,000 24,000 101 126 128 167 168 301 -302 404 612 622 Cash....... Supplies........... Prepaid insurance..... Equipment.... Accumulated depreciation-Equipment .. A Cruz, Capital... A. Cruz, Withdrawals. ..... Services revenue ...... Depreciation expense-Equipment... Salaries expense...... Insurance expense........ Rent expense Supplies expense. $ 7,500 47,600 7.000 44,000 637 640 652 3,000 22.000 2,500 3,400 2,200 $99,100 Totals... $99,100 The adjusted trial balance for Salon Marketing Co. follows. Complete the four right-most columns of th table by (1) entering information for the four closing entries (keyed / through 4) in the middle column and (2) completing the post-closing trial balance columns. Account Title Adjusted Trial Balance Closing Entry Information Post-Closing Trial Balance Cash ........ Cr. Dr. C. Dr. C. Accounts receivable..... Equipment........... Accumulated depreciation Fouinmont Dr. $ 9,200 25,000 42,000 Bilateral Contract Question 2 1 pts Jess claims that she hired Eric in May to paint her house by the end of July. Is this contract goverened by the Statute of Frauds? No, but only if the contract is valued under $500. No, this kind of agreement is not listed under the statute of frauds Yes, this contract is for an interest in real property. Yes, this is a contract that cannot be performed within a year. Question 3 the parties have agreed upon and is explicitly Which of the following is a condition stated in the contract? (hp Chapter 4 Completing the Accounting Cycle The following adjusted trial balance contains the accounts and year-end balances of Cruz Comp as of December 31. (1) Prepare the December 31 closing entries for Cruz Company. Assume the count number for Income Summary is 901. (2) Prepare the December 31 post-closing trial balan for Cruz Company. Note: The A. Cruz, Capital account balance was $47.600 on December 31 of prior year. No. Account Title Debit Credit $19.000 13,000 3,000 24,000 101 126 128 167 168 301 -302 404 612 622 Cash....... Supplies........... Prepaid insurance..... Equipment.... Accumulated depreciation-Equipment .. A Cruz, Capital... A. Cruz, Withdrawals. ..... Services revenue ...... Depreciation expense-Equipment... Salaries expense...... Insurance expense........ Rent expense Supplies expense. $ 7,500 47,600 7.000 44,000 637 640 652 3,000 22.000 2,500 3,400 2,200 $99,100 Totals... $99,100 The adjusted trial balance for Salon Marketing Co. follows. Complete the four right-most columns of th table by (1) entering information for the four closing entries (keyed / through 4) in the middle column and (2) completing the post-closing trial balance columns. Account Title Adjusted Trial Balance Closing Entry Information Post-Closing Trial Balance Cash ........ Cr. Dr. C. Dr. C. Accounts receivable..... Equipment........... Accumulated depreciation Fouinmont Dr. $ 9,200 25,000 42,000
