Question
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No.Account TitleDebitCredit101Cash$18,000126Supplies9,300128Prepaid insurance2,000167Equipment23,000168Accumulated depreciationEquipment$6,500301A. Cruz, Capital42,470302A. Cruz,
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.
No.Account TitleDebitCredit101Cash$18,000126Supplies9,300128Prepaid insurance2,000167Equipment23,000168Accumulated depreciationEquipment$6,500301A. Cruz, Capital42,470302A. Cruz, Withdrawals6,000404Services revenue41,200612Depreciation expenseEquipment2,000622Salaries expense24,020637Insurance expense1,730640Rent expense2,760652Supplies expense1,360Totals$90,170$90,170
1.Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901.
2.Prepare the December 31, post-closing trial balance for Cruz Company.Note: A. Cruz, Capital was $42,470 on December 31 of theprioryear.
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Core Concepts Of Accounting
Authors: Leslie Breitner, Robert Anthony
11th Edition
0133125947, 9780133125948
