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The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Accou
1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901 2. Prepare
1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary Is 901. 2. Prepare

1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. 2. Prepare
1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. 2. Prepare
$88,775 $88,775 1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is
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Answer #1
1) Closing Entries
Date General Journal Debit Credit
Dec. 31 Service Revenue $35,000
   Income Summary $35,000
(To close revenue accounts)
Dec. 31 Income Summary $27,375
   Depreciation Expense - Equipment $2,000
   Salaries Expense $20,405
   Insurance Expense $1,470
   Rent Expense $2,345
   Supplies Expense $1,155
(To close expense accounts)
Dec. 31 Income Summary ($35,000 - $27,375) $7,625
   Retained Earnings $7,625
(To close income summary account)
Dec. 31 Retained Earnings $6,000
   Dividends $6,000
(To close the dividends account)
2) Post-Closing Trial Balance
CRUZ COMPANY
Post-Closing Balance
December 31.
Debit Credit
Cash $18,000
Supplies $12,400
Prepaid Insurance $2,000
Equipment $23,000
Accumulated depreciation-Equipment $6,500
Common stock $13,675
Retained Earnings (see working notes) $35,225
   Totals $55,400 $55,400
Working notes:
Beginning balance of Retained Earnings $33,600
Add: Net income $7,625
Less: Dividends ($6,000)
Ending balance of Retained Earnings $35,225
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