Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 128 167 Supplies Prepaid insurance Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals Services revenue Depreciation expense-Equipment Salaries expense Insurance expense 403 612 622 637 640 652 Rent expense Supplies expense Totals Debit $ 18,000 14,300 2,000 23,000 6,000 2,000 21,280 1,533. 2,446 1,205 $ 91,764 Credit $6,500 48,764 36,500 $91,764 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 A. Cruz, Capital account balance was $48,764 on December 31 of the prior year.
Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 128 167 Supplies Prepaid insurance Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals Services revenue Depreciation expense-Equipment Salaries expense Insurance expense 403 612 622 637 640 652 Rent expense Supplies expense Totals Debit $ 18,000 14,300 2,000 23,000 6,000 2,000 21,280 1,533. 2,446 1,205 $ 91,764 Credit $6,500 48,764 36,500 $91,764 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 A. Cruz, Capital account balance was $48,764 on December 31 of the prior year.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 8SPA: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the...
Related questions
Question
![Exercise 4-9 (Algo) Preparing closing entries and a post-closing trial balance LO P2
Following are accounts and year-end adjusted balances of Cruz Company as of December 31.
Number Account Title
101
Cash
126
128
Supplies
Prepaid insurance
Equipment
Accumulated depreciation-Equipment
A. Cruz, Capital
A. Cruz, Withdrawals
Services revenue
167
168
301
302
403
612 Depreciation expense-Equipment
622
637
640
652
Salaries expense
Insurance expense
Rent expense
Supplies expense
Totals
ALD-
Debit
$ 18,000
14,300
2,000
23,000
< Prev
6,000
2,000
21,280
1,533
2,446
1,205
$ 91,764
6 of 10
Credit
$6,500
48,764
36,500
$ 91,764
Help
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 A. Cruz, Capital account balance was $48,764 on December
31 of the prior year.
Next >
Save & Exit
Submi
Check my work](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff97de970-42c9-4f0f-85f6-0a4a37bc8afa%2F4c3b9cea-ee06-4dc6-8ee3-1a841366c31b%2Fz5pemlt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 4-9 (Algo) Preparing closing entries and a post-closing trial balance LO P2
Following are accounts and year-end adjusted balances of Cruz Company as of December 31.
Number Account Title
101
Cash
126
128
Supplies
Prepaid insurance
Equipment
Accumulated depreciation-Equipment
A. Cruz, Capital
A. Cruz, Withdrawals
Services revenue
167
168
301
302
403
612 Depreciation expense-Equipment
622
637
640
652
Salaries expense
Insurance expense
Rent expense
Supplies expense
Totals
ALD-
Debit
$ 18,000
14,300
2,000
23,000
< Prev
6,000
2,000
21,280
1,533
2,446
1,205
$ 91,764
6 of 10
Credit
$6,500
48,764
36,500
$ 91,764
Help
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 A. Cruz, Capital account balance was $48,764 on December
31 of the prior year.
Next >
Save & Exit
Submi
Check my work
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning