The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31,
Question:
The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2013, the end of its fiscal year.
(1) Prepare the December 31, 2013, closing entries for Cruz Company. Assume the account number for Income Summary is 901.
(2) Prepare the December 31, 2013, post-closing trial balance for CruzCompany.
No. 10 Cash 28 Prepaid insurance.. Account Title Debit Credit $19,000 13,000 3,000 24,000 168 Accumulated depreciation- Equipment 30 T Cruz, Capital. $7,500 47,600 7,000 404 Services revenue 612 Depreciation expense -Equipment 44,000 3,000 637 Insurance expense 640 Rent expense. 652 Supplies expense... 2,500 3,400 2,200
Step by Step Answer:
1 2013 Dec 31 Services Revenue 404 44000 Income Summary 901 44000 To close the revenue account ...View the full answer
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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 Accounting questions
-
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 unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31, 2017. 1. Use the following information about the company's adjustments to...
-
The following adjusted trial balance for Bell Servicing was prepared at the end of the fiscal year, December 31, 2014: Required 1. Prepare a classified multiple-step income statement that would be...
-
For each equation: a) Tell whether the equation describes a parabola, an ellipse, or a hyperbola. b) State whether the directrix is vertical or horizontal and give its location in relation to the...
-
Recalculate your answers to problem 12 for SPI, ETC, and EAC using the following:
-
1/2 +2 and 16 units cost $79. Find the cost function if the marginal cost function is given by C'(x)=x" C(x) =
-
When can we, or should we, start implementation?
-
1. Identify the pros and cons of a JIT relationship from a suppliers point of view. 2. Identify the pros and cons of a JIT relationship from a buyers point of view. 3. What factors should Dixon and...
-
Reflective essay on international business trends. It is important that social, political, legal, cultural factors, production factors and their movement across borders, globalization, government...
-
The comparative statement of financial position of Sensify Corporation as at December 31, 2017, follows: Net income of $37,000 was reported and dividends of $13,000 were declared and paid in 2017....
-
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) to prepare closing journal entries and then post those entries to the...
-
The adjusted trial balance for Salonika Marketing Co. follows. Complete the four right-most columns of the table by first entering information for the four closing entries (keyed 1 through 4) and...
-
How are balance sheet quality and earnings quality related? Provide a specific example of a management judgment, estimate, or choice that could decrease both balance sheet and earnings quality. Be...
-
Develop a P-H chart for saturated liquid and vapor butane in the range T = [260, 340] using the Peng-Robinson equation. Show constant S lines emanating from saturated vapor at 260 K, 300 K, and 340...
-
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn. Except for promissory notes, the injured party in a contract may bring suit whenever he or...
-
Take the procedural design approach and create first the context diagram, and then the highest - level data flow and control - flow diagrams for an electronic lock in the laboratory door having the...
-
The term "figure skating" refers to the shapes that skaters used to trace in the ice as part of skating competitions. In the 1970s, this aspect of the sport was deemphasized and eventually...
-
Suppose an owner pays $500 million to purchase a hockey team that earns operating profits of $50 million per year. The new owner claims that $200 million of this price is for the players, which he...
-
Give the structure for each of the following compounds. (a) Isobutryaldehyde (b) Valerophenone (c) O-bromoacetophenone (d) G-chlorobutyraldehyde (e) 3-hydroxy-2-butanone (f)...
-
Heineken N.V., a global brewer based in the Netherlands, reports the following balance sheet accounts for the year ended December 31, 2016 (euros in millions). Prepare the balance sheet for this...
-
Assume for question 1 that the company promoted the product with the claim that it restores healthy blood instead. Explain whether this would change your answer.
-
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.)
-
Flaherty is considering an investment that, if paid for immediately, is expected to return $140,000 five years from now. If Flaherty demands a 9% return, how much is she willing to pay for this...
-
York's outstanding stock consists of 80,000 shares of cumulative 7.5% preferred stock with a $5 par value and also 200,000 shares of common stock with a $1 par value. During its first four years of...
-
Hudson Community College enrolls students in two departments, Liberal Arts and Sciences. The college also has two service departments, the Library and the Computing Services Department. The usage of...
-
Robert is designing a new Active Directory Domain Services infrastructure for a company called Litware, Inc., which has its headquarters in New York and two additional offices in London and Tokyo....
Study smarter with the SolutionInn App