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The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 Cash
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.
Number | Account Title | Debit | Credit |
---|---|---|---|
101 | Cash | $ 18,000 | |
126 | Supplies | 8,400 | |
128 | Prepaid insurance | 2,000 | |
167 | Equipment | 23,000 | |
168 | Accumulated depreciationEquipment | $ 6,500 | |
307 | Common stock | 547 | |
318 | Retained earnings | 41,600 | |
319 | Dividends | 6,000 | |
404 | Services revenue | 39,100 | |
612 | Depreciation expenseEquipment | 2,000 | |
622 | Salaries expense | 22,795 | |
637 | Insurance expense | 1,642 | |
640 | Rent expense | 2,620 | |
652 | Supplies expense | 1,290 | |
Totals | $ 87,747 | $ 87,747 |
- Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901.
- Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings account balance was $41,600 on December 31 of the prior year.
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