Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. following are accounts and year-end adjusted balan

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. ...

90.2K

Verified Solution

Question

Accounting

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 11,700
128 Prepaid insurance 2,000
167 Equipment 23,000
168 Accumulated depreciationEquipment $ 6,500
301 A. Cruz, Capital 42,972
302 A. Cruz, Withdrawals 6,000
403 Services revenue 48,100
612 Depreciation expenseEquipment 2,000
622 Salaries expense 28,042
637 Insurance expense 2,020
640 Rent expense 3,223
652 Supplies expense 1,587
Totals $ 97,572 $ 97,572
  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 $42,972 on December 31 of the prior year.
image

image

Journal entry worksheet Record the entry to close revenue accounts. Note: Enter debits before credits. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $42,972 on December 31 of the prior year

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Would you rather have had a DB or a DC in the summer of 2008? Explain.

Advance Math
1.2K views

solve the initial values: if Y(3)-4Y\"+20Y'=51e^3x Y\"(0)=41, Y'(0)= 11. Y(0)= 7 > solution is Y(x)= e^3x+2 e^2x sin(4x)+6 so,...

Biology
1.2K views

The cytoplasm (Select all that apply)is a viscous gel-like solution that slows rate of diffusion...

Biology
1.2K views

Catabolic reactionsalways energy.A. releaseB. captureC. absorbD. use

Physics
1.2K views

1 The dimensionally correct expression for resistance R among the following is P electric power...

Accounting
1.2K views

Taser Company owns the following assets acquired on January 1, 2020. ...

Accounting
1.2K views

Given that the plant currently runs at full capacity, examine the following independent scenarios 1....

Accounting
1.2K views

Match each description with its reason

Accounting
1.2K views

Problem 9-254 [LO 9-3] At the beginning of 2017 your company buys a $31200 piece...

Accounting
1.2K views

The Creekside Inn is a restaurant that specializes in southwestern style meals in a moderate...

Accounting
1.2K views

Sharp Motor Company has two operating divisions-an Auto Division and a Truck Division. The company...

Accounting
1.2K views

\begin{tabular}{|l|r|r|r|r|} & \multicolumn{1}{c}{HOMEDEPOTBalanceSheets} & LOWESBalanceSheets \\ \hline Assets & 2/2/2020 & 2/3/2019 & 1/31/2020 &...