Solution-Post-closing trial balance for cruz company

Post-closing trial balance for cruz company

Reference no: EM13552817

The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2013, the end of its fiscal year.

No.	Account Title	Debit	Credit
101	Cash	$	18,000
126	Supplies		11,400
128	Prepaid insurance		2,000
167	Equipment		23,000
168	Accumulated depreciation"Equipment			$	6,500
301	T. Cruz, Capital				44,047
302	T. Cruz, Withdrawals		6,000
404	Services revenue				43,100
612	Depreciation expense"Equipment		2,000
622	Salaries expense		25,127
637	Insurance expense		1,810
640	Rent expense		2,888
652	Supplies expense		1,422

	Totals	$	93,647	$	93,647

1. Prepare the December 31, 2013, closing entries for Cruz Company. Assume the account number for Income Summary is 901.

Transaction List:
a) Record the entry to close revenue account (s).
b) Record the entry to close expense account (s).
c) Record the entry to close the income summary account.
d) Record the entry to close the withdrawals account.

2. Prepare the December 31, 2013, post-closing trial balance for Cruz Company.

Reference no: EM13552817

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Post-closing trial balance for cruz company

Reference no: EM13552817

Reference no: EM13552817

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