Question

Help Save & Exit Submit 4 Company as of December 31. Check my work 4 points Skipped 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 14,700 2,000 23,000 $ 6,500 15,865 33,600 6,000 35,400 2,000 20,638 1,487 2,372 1,168 $91, 365 $91,365 eBook Print 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 $33,600 on December 31 of the prior year. References 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 1 View transaction list Journal entry worksheet < 1 2 3 4 Record the entry to close revenue accounts Note: Enter debits before credits General Journal Debit Credit Date Dec 31 Record entry Clear entry View general Journal Rared2

Answer 1

1
Date	General Journal	Debit	Credit
Dec 31	Services revenue	35400
	Income summary		35400
Dec 31	Income summary	27665
	Depreciation expense-Equipment		2000
	Salaries expense		20638
	Insurance expense		1487
	Rent expense		2372
	Supplies expense		1168
Dec 31	Income summary	7735		=35400-27665
	Retained Earnings		7735
Dec 31	Retained Earnings	6000
	Dividends		6000
2
	Post-Closing Trial Balance
	December 31
		Debit	Credit
	Cash	18000
	Supplies	14700
	Prepaid insurance	2000
	Equipment	23000
	Accumulated depreciation-Equipment .		6500
	Common Stock		15865
	Retained Earnings		35335	=33600+7735-6000
	Totals	57700	57700