1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. 2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: A. Cruz, Capital was $46,764 on December 31 of the prior year.

The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals Debit Credit $18,000 14,500 2,000 23,000 $ 6,500 46,764 6,000 44,500 2,000 25,944 1,869 2,982 1,469 $97,764 $97,764 1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. 2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: A. Cruz, Capital was $46,764 on December 31 of the prior year. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. Journal entry worksheet 1 2 3 4 Record the entry to close revenue accounts. expense accounts, income summary account, and withdrawals accounts Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Prepare the December 31, post-closing trial balance for Cruz Company. Note: A. Cruz, Capital was $46,764 on December 31 of the prior year. CRUZ COMPANY Post-Closing Trial Balance December 31 Debit Credit Totals S 0