Business, 17.02.2020 23:43 juliopejfuhrf7336

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 $ 18,000
126 Supplies 14,500
128 Prepaid insurance 2,000
167 Equipment 23,000
168 Accumulated depreciation—Equipment $ 6,500
307 Common stock 13,272
318 Retained earnings 33,600
319 Dividends 6,000
404 Services revenue 44,100
612 Depreciation expense—Equipment 2,000
622 Salaries expense 25,710
637 Insurance expense 1,852
640 Rent expense 2,955
652 Supplies expense 1,455
Totals $ 97,472 $ 97,472
Required:
1. Prepare the December 31, 2017, closing entries for Cruz Company.
2. Prepare the December 31, 2017, post-closing trial balance for Cruz Company.

Answers: 2

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Answers

Answer from: jules8022

1. Prepare the December 31, 2017, closing entries for Cruz Company.

Dr. Cr.

404 Services revenue 44,100

Income Summary 44,100

Income Summary 33,972

612 Depreciation expense—Equipment 2,000

622 Salaries expense 25,710

637 Insurance expense 1,852

640 Rent expense 2,955

652 Supplies expense 1,455

2. Prepare the December 31, 2017, post-closing trial balance for Cruz Company.

Dr. Cr.

101 Cash 18,000

126 Supplies 14,500

128 Prepaid insurance 2,000

167 Equipment 23,000

168 Accumulated depreciation—Equipment 6,500

307 Common stock 13,272

318 Retained earnings 33,600

319 Dividends 6,000

404 Services revenue 44,100

612 Depreciation expense—Equipment 2,000

622 Salaries expense 25,710

637 Insurance expense 1,852

640 Rent expense 2,955

652 Supplies expense 1,455

Totals 97,472 97,472

Explanation:

Answer from: Quest

a recipe serves 8 people, and calls for 5 lbs of apples and 2 cups of flour. you want to prepare it for 24 people. divide 24 by 8 to get 3, and then multiply your ingredients by 3.

so for 24 people, you'll need 15 lbs of apples, and 6 cups of flour.

Answer from: Quest

There are three key entities in thefederal reserve system: the board of governors, the federal reserve banks(reserve banks), and the federal open market committee (fomc). while the federal reserve has frequent communication with executive branch and congressional officials, its decisions are made independently.

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