Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 128 167 168 307 403 612 622 637 Supplies Prepaid insurance Common stock 318 Retained earnings 319 Dividends Services revenue 640 652 Equipment Accumulated depreciation-Equipment Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals Debit $ 18,000 14,400 2,000 23,000 6,000 2,000 29,150 Credit $6,500 6,550 38,600 50,000 2,100 3,350 1,650 $ 101,650 $ 101,650 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 $38,600 on December 31 of the prior year.

Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 128 167 168 307 403 612 622 637 Supplies Prepaid insurance Common stock 318 Retained earnings 319 Dividends Services revenue 640 652 Equipment Accumulated depreciation-Equipment Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals Debit $ 18,000 14,400 2,000 23,000 6,000 2,000 29,150 Credit $6,500 6,550 38,600 50,000 2,100 3,350 1,650 $ 101,650 $ 101,650 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 $38,600 on December 31 of the prior year.

Name: Following are accounts and year-end adjusted balances of Cruz Company
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Description: Following are accounts and year-end adjusted balances of Cruz Company as of December 31.Number Account Title101Cash126128167168307318319403612622637640652SuppliesPrepaid insuranceEquipmentAccumulated depreciation-EquipmentCommon stockRetained earnin

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 9BE

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