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. No. 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue Account Title 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals Debit $18,000 12,500 2,000 23,000 Credit $ 6,500 9,995 37,600 34,200 6,000 2,000 19,939 1,436 2,291 1,129 $88,295 $88,295 Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue Account Title 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals Debit $18,000 12,500 2,000 23,000 Credit $ 6,500 9,995 37,600 34,200 6,000 2,000 19,939 1,436 2,291 1,129 $88,295 $88,295 Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901.

Answer rating: 100% (QA)

The closing entries for Cruz Company on December 31 are as follows Debit Income Summary 901 3128 Cre... View the full answer