Exercise 4-9 preparing closing entries and a post-closing trial balance lo p2, p3 the following adjusted trial balance contains the accounts and balances of cruz company as of december 31, 2017, the end of its fiscal year. no. account title debit credit 101 cash $ 19,000 126 supplies 13,000 128 prepaid insurance 3,000 167 equipment 24,000 168 accumulated depreciation—equipment $ 7,500 301 t. cruz, capital 47,600 302 t. cruz, withdrawals 7,000 404 services revenue 44,000 612 depreciation expense—equipment 3,000 622 salaries expense 22,000 637 insurance expense 2,500 640 rent expense 3,400 652 supplies expense 2,200 totals $ 99,100 $ 99,100 1. prepare the december 31, 2017, closing entries for cruz company. assume the account number for income summary is 901. 2. prepare the december 31, 2017, post-closing trial balance for cruz company

Explanation:

The closing entries for the following accounts are shown below:

1. Service Revenue A/c Dr $44,000

                To Income Summary $ 44,000

(Being revenue account closed)

2. Income Statement Dr $33,100  

       To Depreciation Expense of Equipment $3000

       To Salaries Expense $22,000

       To Insurance Expense $2,500

       To Rent Expense $3,400

       To Supplies Expense $2,200

(Being expenses accounts are closed)

3. Income summary A/c Dr $10900

              To T. Cruz Capital A/c   $10900

(Being the difference is credited to capital account)

4.  T. Cruz, Capital A/c Dr$7,000  

         To T. Cruz, Withdrawals A/c   $7,000

(Being withdrawal account is being closed)

The preparation of the trial balance is presented in the spreadsheet. Kindly find the attachment below:

the correct answer is - no.

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