Question

The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...

The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.

101 Cash $ 18,000
126 Supplies 12,000
128 Prepaid insurance 2,000
167 Equipment 23,000
168 Accumulated depreciation—Equipment $ 6,500
307 Common stock 12,322
318 Retained earnings 32,600
319 Dividends 6,000
404 Services revenue 42,100
612 Depreciation expense—Equipment 2,000
622 Salaries expense 24,544
637 Insurance expense 1,768
640 Rent expense 2,821
652 Supplies expense 1,389
Totals $ 93,522 $ 93,522

1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901.
2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings account balance was $32,600 on December 31 of the prior year.

  • 1

    Record the entry to close revenue accounts.

  • 2

    Record the entry to close expense accounts.

  • 3

    Record the entry to close income summary account.

  • 4

    Record the entry to close the dividends account.

Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings account balance was $32,600 on December 31 of the prior year.

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