https:Jinewconnect.mheducation.com/filow/connect.htmi?isReg true&returnUrl-https
ID: 2600749 • Letter: H
Question
https:Jinewconnect.mheducation.com/filow/connect.htmi?isReg true&returnUrl-https3AN2FX2Fconnect.mheducation.comx2Fpaamwebx2Finde; Help Save & Exlt 4-Homework er The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2017, the end of 101 Cash 126 Supplies 128 Prepaid insurance 167 Eqaipent $18,000 9,600 2,000 23,000 168 Noculated depreciation-Equipnent 301 T. Crus, Capital 302 T. Cruz, Withdravale 6,500 42,964 t, 000 services r 40,500 2 Depreciation expense-Dquipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense 2,o00 23.612 1,70 2,724 1,337 $89,964 $89,964 1. Prepare the December 31, 2017, closing entries for Cruz Company. Assume the 2. Prepare the December 31, 2017, post-closing trial balance for Cruz Company account number for Income Summary is 901, Complete this questions by entering your answers in the tabs below Required 1 Required 2 Prepare the December 31, 2017, closing entries for Cruz Company. Assume the account number for Income Summary is 901. 20 2 3 4 6 8
Explanation / Answer
Date/S.N. Account title & Explanation Debit Credit Post closing trial balance Amount in $ Amount in $ No. Account Title Debit Credit 2017 101 Cash 18000 Dec-12 Service Revenue 40500 126 Supplies 9600 Income summery 40500 128 Prepaid Insurance 2000 To record the closing of revenue accounts 167 Equipment 23000 168 Accumulated Depreciation 6500 Income summery 31364 301 T. Cruz, Capital 46100 Depreciation expense-Equipment 2000 Totals 52600 52600 Salaries expenses 23612 Insurance expenses 1701 Rent expenses 2714 Supplies expenses 1337 To record the closing of expense Accounts T. Cruz Capital 6000 T Cruz, Drawing 6000 To record the closing of drawing account Income summery 9136 T. Cruz, Capital 9136
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