Business
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 depreciationEquipment $ 6,500 307 Common stock 13,272 318 Retained earnings 33,600 319 Dividends 6,000 404 Services revenue 44,100 612 Depreciation expenseEquipment 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 $ 97,472Required:1. Prepare the December 31, 2017, closing entries for Cruz Company.2. Prepare the December 31, 2017, post-closing trial balance for Cruz Company.
The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit CreditPrepaid Insurance $4,020 Supplies 2,620 Equipment 28,270 Accumulated Depreciation-Equipment $8,580 Notes Payable 24,980 Unearned Rent Revenue 7,800 Rent Revenue 60,880 Interest Expense 0 Salaries and Wages Expense 22,050 An analysis of the accounts shows the following.1. The equipment depreciates $290 per month.2. One-third of the unearned rent was earned during the quarter.3. Interest of $680 is accrued on the notes payable.4. Supplies on hand total $850.5. Insurance expires at the rate of $370 per month.Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)