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The following adjusted trial balance contains the accounts and year-end balances of Cruz its eBook No. Account Title 101 Cash

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Answer #1

Solution 1:

Cruz Company - Journal Entries
Date Particulars Debit Credit
31-Dec Service revenue Dr $45,700.00
         To Income summary $45,700.00
(To close revenue account)
31-Dec Income summary Dr $35,132.00
         To Depreciation Expense - Equipment $2,000.00
         To Salaries Expense $26,643.00
         To Insurance Expense $1,919.00
         To Rent Expense $3,062.00
         To Supplies Expense $1,508.00
(To close expense account)
31-Aug Income summary Dr $10,568.00
         To Retained earnings $10,568.00
(To close income to retained Earnings)
31-Aug Retained Earnings Dr $6,000.00
         To Dividends $6,000.00
(To close dividend account)

Solution 2:

Cruz Company
Post closing trial balance
Account Title Debit Credit
Cash $18,000.00
Supplies $13,500.00
Prepaid insurance $2,000.00
Equipment $23,000.00
Accumulated depreciation - Equipment $6,500.00
Common Stock $8,832.00
Retained earnings $41,168.00
Totals $56,500.00 $56,500.00
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