Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 128 167 Supplies Prepaid insurance Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals Services revenue Depreciation expense-Equipment Salaries expense Insurance expense 403 612 622 637 640 652 Rent expense Supplies expense Totals Debit $ 18,000 14,300 2,000 23,000 6,000 2,000 21,280 1,533. 2,446 1,205 $ 91,764 Credit $6,500 48,764 36,500 $91,764 1. Prepare the December 31 closing entries. The account number for Income Summary is 901. 2. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $48,764 on December 31 of the prior year.
Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 128 167 Supplies Prepaid insurance Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals Services revenue Depreciation expense-Equipment Salaries expense Insurance expense 403 612 622 637 640 652 Rent expense Supplies expense Totals Debit $ 18,000 14,300 2,000 23,000 6,000 2,000 21,280 1,533. 2,446 1,205 $ 91,764 Credit $6,500 48,764 36,500 $91,764 1. Prepare the December 31 closing entries. The account number for Income Summary is 901. 2. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $48,764 on December 31 of the prior year.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 8SPA: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the...
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