Question

the following adjusted trial balance contains the account and year-end balances of cruz compamy as of decemebrt 31.

Help Sa The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals Debit Credit $18,000 9,900 2,000 23,000 $ 6,500 9,257 35,600 6,000 34,700 2,000 20,230 1,457 2,325 1,145 $86,057 $86,057 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 $35,600 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. View transaction list

Answer 1

Date Credit Debit 34,700 Dec. 31 $ $ $ 34,700 Dec. 31 $ 27,157 $ $ General Journal Services Revenue Income Summary Income Summary Depreciation Expense-Equipment Salaries Expense Insurance Expense Rent Expense Supplies Expense Income Summary Retained Earnings Retained Earnings Dividends 2,000 20,230 1,457 2,325 1,145 Dec. 31 $ 7,543 $ 7,543 Dec. 31 $ $ 6,000 $ 6,000 Credit Account Title Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Common Stock Retained Earnings Total $ $ $ $ Debit 18,000 9,900 2,000 23,000 $ $ $ 52,900 $ 6,500 9,257 37,143 52,900 $