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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 | |||||
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| Totals | $ | 93,647 | $ | 93,647 | |||
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| 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.
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