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 A. Cruz, Capital account balance was $47,600 on December 31 of the prior year.
Transcribed Image Text:
No. Account Title Debit Credit 101 Cash.... $19,000 Supplies..... Prepaid insurance. 126 13,000 3,000 24,000 128 167 Equipment... Accumulated depreciation-Equipment A. Cruz, Capital..... A. Cruz, Withdrawals. 168 $ 7,500 301 47,600 302 7,000 403 Services revenue 44,000 612 3,000 Depreciation expense-Equipment.. Salaries expense. Insurance expense. Rent expense 622 22,000 2,500 3,400 637 640 652 Supplies expense 2,200 Totals.... $99,100 $99,100
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
1 2 Dec 31 Services Revenue Income Summary Close revenue account 31 Income Summary 31 ...View the full answer
Answered By
Abigael martinez
I have been a tutor for over 3 years and have had the opportunity to work with students of all ages and backgrounds. I have a strong belief that all students have the ability to learn and succeed if given the right tools and support. I am patient and adaptable, and I take the time to get to know each student's individual learning style in order to best support their needs. I am confident in my ability to help students improve their grades and reach their academic goals.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
The following account balances were taken from the adjusted trial balance for Admiral Messenger Service, a delivery service firm, for the current fiscal year ended April 30, 2008: Prepare an...
-
The following adjusted trial balance contains the accounts and balances of Stilz Co. as of December 31, 2014, the end of its fiscal year: Required Prepare the closing entries for the company. No...
-
The following accounts appeared in the December 31 trial balance of the Majestic Theatre: Instructions (a) From the account balances above and the information that follows, prepare the annual...
-
Suppose there are two identical forest plots except that one will be harvested and left as is while the second will be cleared after the harvest and turned into a housing development. In terms of...
-
Does the inlet state (P1, T1) have any influence on the Otto cycle efficiency? How about the power produced by a real car engine?
-
Explain how to determine the maturity date of a note.
-
You jump into the air from a level floor. Which of the following are exerting a force on you: (a) the floor, (b) the Earth, (c) the air, (d) your feet?
-
The following events pertain to Super Cleaning Company: 1. Acquired $10,000 cash from the issue of common stock. 2. Provided $15,000 of services on account. 3. Provided services for $5,000 cash. 4....
-
The correct syntax of the re . sub ( ) function is re . sub ( string , replacement, pattern ) re . sub ( pattern , string, replacement ) re . sub ( replacement , pattern, string ) re . sub ( pattern...
-
G. Menges developed the following econometric model for the West German economy: where Y = national income I = net capital formation C = personal consumption Q = profits P = cost of living index R =...
-
Use the following selected accounts and amounts with normal balances from Buildex Co.s adjusted trial balance to prepare its income statement for the year ended December 31. Cash $ 9,000 $ 4,000...
-
Using Wilson Trucking Companys adjusted trial balance from E 4-10, prepare its December 31 closing entries. Data From Exercise 4-10 Use the following adjusted trial balance at December 31 of Wilson...
-
In Problems 1526, list the first five terms of each sequence. {en} || 2n
-
Produce the following line of output, with the sales total stored in the variable salesTotal: Totals sales are $45,673.67 Your answer here: 2. Determine if the variable payRate is greater than 10....
-
Gavaskar of Bombay sent 100 TV sets to Kapil of Chandigarh on consignment basis. The cost price of each set is ~ 5,000. Gavaskar paid ~ 100 for cartage, ~ 1,500 for railway freight and ~ 400 for...
-
Given our goal as stated in the preceding section (maximize the value of the stock), an obvious question comes up: What is the appropriate goal when the firm has no traded stock? Corporations are...
-
Discuss development and growth of derivative markets in the US.
-
A substance X shows a weight of 100.00 g when weighed in air. If the density of air is 0.0012 g/ml; density of calibration weights 8.0 g/ml.; and density of X is 1.33 g/ml., find the true mass.
-
What is the minimal polynomial of a diagonal matrix?
-
Information graphics, also called infographics, are wildly popular, especially in online environments. Why do you think infographics continue to receive so much attention? How could infographics be...
-
Compute common-size percents for the following comparative income statements (round percents to one decimal). Using the common-size percents, which item is most responsible for the decline in net...
-
Following are data for BioBeans and GreenKale, which sell organic produce and are of similar size. 1. Compute the profit margin and the return on total assets for both companies. 2. Based on analysis...
-
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Best Bikes. Required 1. Classify each cost as either a product or period...
-
Miranda Manufacturing is managing for its stakeholders. Because of this, it is likely to: perform poorly on CSR. perform poorly on ESG. enjoy above-average returns compared to firms that do not...
-
What is a technique used to identify and assess the importance of key people, groups of people, or institutions that may significantly influence the success of a business or project?
-
Rosario Company, which is located in Buenos Aires, Argentina, manufactures a component used in farm machinery. The firm's fixed costs are 3,900,000 p per year. The variable cost of each component is...
Study smarter with the SolutionInn App