The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...

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The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Number 181 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 307 Common stock 318 Retained earnings 319 Dividends 484 Services revenue 612 Depreciation expense-Equipment Salaries expense 622 Insurance expense 637 640 652 No 1 2 Rent expense Supplies expense Totals 3 4 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 $39,600 on December 31 of the prior year. Account Title Answer is not complete. 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 Income Summary is 901. Date Debit 40,600✔ December 31 December 31 December 31 December 31 Services revenue Income summary Income summary Salaries expense Insurance expense Debit $ 18,000 13,900 2,000 23,000 Rent expense Supplies expense Depreciation expense-Equipment Income summary 6,000 2,000 23,670 Retained earnings Retained earnings Dividends Credit $ 6,500 7,635 39,600 40,600 1,705 2,729 1,340 $ 94,335 $ 94,335 General Journal 33333 31,660 X 6,000 Credit 40,600 31,435 23,670 1,705✔✔ 2,720 1,340 2,000 31,680 X 6,000 The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Debit $ 18,000 13,900 2,000 23,000 Number 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 387 Common stock 318 Retained earnings 319 Dividends 484 Services revenue Account Title 612 Depreciation expense-Equipment 622 637 648 652 Salaries expense Insurance expense Rent expense Supplies expense Totals Cash Supplies Prepaid insurance Totals 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 $39,600 on December 31 of the prior year. CRUZ COMPANY Post-Closing Trial Balance December 31 Equipment Accumulated depreciation-Equipment Common stock Retained earnings Answer is not complete. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings account balance was $39,600 on December 31 of the prior year. 33 Debit $ 18,000 13,900 2,000 23,000✔ 6,000 2,000 23,670 1,705 $ $ 56,900 $ < Required 1 Credit 2,729 1,340 $ 94,335 $ 94,335 $ 6,500 7,635 39,600 Credit 40,600 6,500 7,635 3,960 18,095 Required 2 The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Number 181 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 307 Common stock 318 Retained earnings 319 Dividends 484 Services revenue 612 Depreciation expense-Equipment Salaries expense 622 Insurance expense 637 640 652 No 1 2 Rent expense Supplies expense Totals 3 4 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 $39,600 on December 31 of the prior year. Account Title Answer is not complete. 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 Income Summary is 901. Date Debit 40,600✔ December 31 December 31 December 31 December 31 Services revenue Income summary Income summary Salaries expense Insurance expense Debit $ 18,000 13,900 2,000 23,000 Rent expense Supplies expense Depreciation expense-Equipment Income summary 6,000 2,000 23,670 Retained earnings Retained earnings Dividends Credit $ 6,500 7,635 39,600 40,600 1,705 2,729 1,340 $ 94,335 $ 94,335 General Journal 33333 31,660 X 6,000 Credit 40,600 31,435 23,670 1,705✔✔ 2,720 1,340 2,000 31,680 X 6,000 The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Debit $ 18,000 13,900 2,000 23,000 Number 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 387 Common stock 318 Retained earnings 319 Dividends 484 Services revenue Account Title 612 Depreciation expense-Equipment 622 637 648 652 Salaries expense Insurance expense Rent expense Supplies expense Totals Cash Supplies Prepaid insurance Totals 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 $39,600 on December 31 of the prior year. CRUZ COMPANY Post-Closing Trial Balance December 31 Equipment Accumulated depreciation-Equipment Common stock Retained earnings Answer is not complete. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings account balance was $39,600 on December 31 of the prior year. 33 Debit $ 18,000 13,900 2,000 23,000✔ 6,000 2,000 23,670 1,705 $ $ 56,900 $ < Required 1 Credit 2,729 1,340 $ 94,335 $ 94,335 $ 6,500 7,635 39,600 Credit 40,600 6,500 7,635 3,960 18,095 Required 2

Answer rating: 100% (QA)

Step 1 Journal It is the first book of accounts where all the business transactions are recorded at ... View the full answer