Following are accounts and year-end adjusted balances of Cruz Company as of December 31.
Number
Account Title
Debit
Credit
101
Cash
$ 18,000
126
Supplies
10,900
128
Prepaid insurance
2,000
167
Equipment
23,000
168
Accumulated depreciation-Equipment
$ 6,500
307
Common stock
8,864
318
Retained earnings
37,600
319
Dividends
6,000
403
Services revenue
32,500
612
Depreciation expense-Equipment
2,000
622
Salaries expense
18,948
637
Insurance expense
1,365
640
Rent expense
2,178
652
Supplies expense
1.073
Totals
$ 85,464
$ 85,464
1. Prepare the December 31 closing entries. The account number for Income Summary is 901.
2. Prepare the December 31 post-closing trial balance. Note: The Retained Earnings account balance was $37,600 on December 31
of the prior year.
Complete this questions by entering your answers in the tabs below.
Required 1
Required 2
Prepare the December 31 closing entries. The account number for Income Summary is 901.
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