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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
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 | 14,800 | |
128 | Prepaid insurance | 2,000 | |
167 | Equipment | 23,000 | |
168 | Accumulated depreciationEquipment | $ 6,500 | |
307 | Common stock | 11,590 | |
318 | Retained earnings | 36,600 | |
319 | Dividends | 6,000 | |
403 | Services revenue | 40,400 | |
612 | Depreciation expenseEquipment | 2,000 | |
622 | Salaries expense | 23,553 | |
637 | Insurance expense | 1,697 | |
640 | Rent expense | 2,707 | |
652 | Supplies expense | 1,333 | |
Totals | $ 95,090 | $ 95,090 |
1. Prepare the December 31 closing entries. The account number for Income Summary is 901. 2. Prepare the December 31 post-closing trial balance. Note: The Retained Earnings account balance was $36,600 on December 31 of the prior year.
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