Question

Exercise 4-9 Preparing closing entries and a post-closing trial balance LO P2, P3 The following 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 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 301 T. Cruz, Capital 302 T. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totala $18,000 10,900 2,000 23,000 $ 6,500 43, 272 6,000 44,100 2,000 25,710 1,852 2,955 1,455 $93, 872 893,872

Answer 1

Credit Debit 44,100 $ Date Account Titles with explanation Dec. 31, 2017 Service Revenue Income Summary (To close Sales Revenue account recorded) $ 44,100 $ 33,972 Dec. 31, 2017 Income Summary Depreciation Expenses - Equipment Salaries Expense Insurance Expenses Rent expenses Supplies Expenses (To close expenses accounts recorded) $ 2,000 $ 25,710 $ 1,852 $ 2,955 $ 1,455 $ 10,128 | Dec. 31, 2017 Income Summary T.cruz Capital (To close Net Income transferred to Capital account recorded) $ 10,128 $ 6,000 Dec. 31, 2017 T.cruz Capital T.cruz Withdrawels Being withdrawels closed to transferring Capital account recoorded) $ 6,000