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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 $ 18,880 126 Supplies
Following are accounts and year-end adjusted balances of Cruz Company as of December 31, Number Account Title Debit Credit 101 Cash $ 18,880 126 Supplies 12,200 128 Prepaid insurance 2,098 167 Equipment 23,000 168 Accumulated depreciation Equipment $ 6,500 307 Common stock 11,503 318 Retained earnings 35,600 319 Dividends 6,000 403 Services revenue 34,900 612 Depreciation expense-Equipment 2,000 622 Salaries expense 20,347 637 Insurance expense 1,466 640 Rent expense 2,338 652 Supplies expense 1,152 Totals $ 88,503 $ 88,503 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 $35,600 on December 31 of the prior year Record the entry to close revenue accounts. Note: Enter debits before credits General Journal Debit Credit Date December 31 Record the entry to close expense accounts. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record the entry to close income summary account. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record the entry to close the dividends account. Note: Enter debits before credits. General Journal Debit Credit Date December 31
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