owing adjusted trial balance contains the accounts and balances of Cruz Company
ID: 2593246 • Letter: O
Question
owing adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2017, the end of its fiscal year. No. Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 8,800 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation—Equipment $ 6,500 301 T. Cruz, Capital 42,053 302 T. Cruz, Withdrawals 6,000 404 Services revenue 40,900 612 Depreciation expense—Equipment 2,000 622 Salaries expense 23,845 637 Insurance expense 1,718 640 Rent expense 2,740 652 Supplies expense 1,350 Totals $ 89,453 $ 89,453 1. Prepare the December 31, 2017, closing entries for Cruz Company. Assume the account number for Income Summary is 901. 2. Prepare the December 31, 2017, post-closing trial balance for Cruz Company.
Explanation / Answer
(1) Prepare the December31,2017, closing entries for Cruz Company.
(2) Prepare the December31,2017, post-closing trial balance for Cruz Company.
Cruz Company
Post-closing Trial Balance
December 31,2017
Explanation
T Cruz Capital= $42,053 +$9247 -$6,000
= $45,300
Date General Journal Debit($) Credit($) Dec. 31 Sevices revenue 40,900 Income summary 40,900 Income summary 31,653 Depreciation expense-equipment 2000 Salaries expense 23,845 Insurance expense 1,718 Rent expense 2,740 supplies expense 1,350 Income summary 9,247 T.Cruz, Capital 9,247 T.Cruz,Capital 6,000 T.Cruz, Withdrawals 6,000Related Questions
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