Following are accounts and year-end adjusted balances of Cruz Company as of December 31. 1. Prepare the
Question:
Following are accounts and year-end adjusted balances of Cruz Company as of December 31.
1. Prepare the December 31 closing entries. The account number for Income Summary is 901.
2. Prepare the December 31 post-closing trial balance.
The Retained Earnings account balance was $37,600 on December 31 of the prior year.
Transcribed Image Text:
No. Account Title 101 Cash..... 126 Supplies.... 128 Prepaid insurance.. 167 Equipment....... 168 Accumulated depreciation-Equipment 307 Common stock ..... 318 Retained earnings.. Dividends... 319 403 Services revenue 612 Depreciation expense-Equipment... 622 637 640 652 Salaries expense... Insurance expense Rent expense Supplies expense. Totals...... Debit Credit $19,000 13,000 3,000 24,000 7,000 3,000 22,000 2,500 3,400 2,200 $99,100 $ 7,500 10,000 37,600 44,000 $99,100
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (4 reviews)
Cruz Company Closing Entries 1 Closing Entries December 31 a Closing Revenue and Expense Accounts De...View the full answer
Answered By
Carly Cimino
As a tutor, my focus is to help communicate and break down difficult concepts in a way that allows students greater accessibility and comprehension to their course material. I love helping others develop a sense of personal confidence and curiosity, and I'm looking forward to the chance to interact and work with you professionally and better your academic grades.
4.30+
12+ Reviews
21+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
1. Special Venture Co. 10-year convertible bond pays a 6% semi-annual coupon (face value is $1000). The yield to maturity is 10% on debt of this quality. Surrendering the bond under the conversion...
-
Please research, discuss, and submit a report on App Name "WeChat" 1. What is WeChat's business model? 2. Who are its users (people who post and people who watch) - demographic, socio-economical...
-
Florida Lottery Results, (September Drawings, 2000) September 2, 2000 36 52 12 13 4 5 526 September 6, 2000 8 4 12 37 19 13 41 35 34 6 September 9, 2000 44 46 35 20 6 12 47 23 9 44 September 13, 2000...
-
An opera glass has an objective lens of focal length +3.60 cm and a negative eyepiece of focal length -1.20 cm. How far apart must the two lenses be for the viewer to see a distant object at 25.0 cm...
-
In Figure, a 0.400 kg ball is shot directly upward at initial speed 40.0 m/s. What is its angular momentum about P, 2.00 m horizontally from the launch point, when the ball is?(a) At maximum height...
-
On March 1, Midway Distribution Company is considering leasing a building and buying the necessary equipment to operate a public warehouse. Alternatively, the company could use the funds to invest in...
-
What do digital spectrum analyzers use to prevent the low-frequency ski slope?
-
The sales manager of a large automotive parts distributor, Hartman Auto Supplies, wants to develop a model to forecast as early as May the total annual sales of a region. If regional sales can be...
-
Briefly describe the forensic psychology career field Explain what drew you to this field (forensic psychology) Examine the impact of past, current, and developing technology in your field (forensic...
-
Use the following adjusted trial balance at December 31 of Wilson Trucking Company to prepare the (1) Income statement (2) Statement of retained earnings, for the year ended December 31. The Retained...
-
Use the adjusted accounts for Stark Company from Exercise 3-16 to prepare the (1) Income statement (2) Statement of retained earnings for the year ended December 31 (3) Balance sheet at December 31....
-
A large weather balloon is being inflated with air at the rate of 0.9 ft 3 per minute. Find the rate of change of the radius when the radius is 1.7 ft.
-
To hold bacterial DNA in a more compact configuration, specific proteins must bind to the DNA and stabilize its conformation. Several different proteins are involved in this process. Some of these...
-
Resistance to the poison warfarin is a genetically determined trait in rats. Homozygotes carrying the resistance allele (WRWR) have a lower fitness because they suffer from vitamin K deficiency, but...
-
Person 1: Business needs to be regulated. If business firms were not regulated, then prices would be higher, quality would be lower, employees would be treated poorly, and who knows what else. Person...
-
An RFLP marker is located 1 million bp away from a gene of interest. Your goal is to start at this RFLP and walk to the gene. The average insert size in the cosmid library is 55,000 bp, and the...
-
Within living cells, many different proteins play important functional roles by binding to DNA. Some proteins bind to DNA but not in a sequence-specific manner. For example, histones are proteins...
-
Medtrans is a profitable firm that is not paying a dividend on its common stock. James Weber, an analyst for A. G. Edwards, believes that Medtrans will begin paying a $1.00 per share dividend in two...
-
Write an essay describing the differing approaches of nursing leaders and managers to issues in practice. To complete this assignment, do the following: 1. Select an issue from the following list:...
-
Ken Francis is offered the possibility of investing $2,745 today and in return to receive $10,000 after 15 years. What is the annual rate of interest for this investment? (Use Table B.1.)
-
Ken Francis is offered the possibility of investing $2,745 today and in return to receive $10,000 after 15 years. What is the annual rate of interest for this investment? (Use Table B.1.)
-
Megan Brink is offered the possibility of investing $6,651 today at 6% interest per year in a desire to accumulate $10,000. How many years must Brink wait to accumulate $10,000? (Use Table B.1.)
-
The head ( pen stock ) is 3 0 meters in Run - of - River Hydro Power Plant as shown in Figure 1 . The typical flow rate of water in the turbine is 2 0 m 3 / s . Express what would be happened in...
-
The measured values for the experiment with the Francis Turbine are as in the table. Calculate the hydraulic efficiency of the pump according to the given values. Francis N T Q H P g m Trbini (pompa)...
-
Describe how an automatic sprinkler system can assist firefighters with fire extinguishment, and how does a fire engine connect to pump to the system?
Study smarter with the SolutionInn App