5 Exercise 3-16 (Static) Preparing closing entries and a post-closing trial balance LO P6 No. OOK The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31 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 $ 7,500 307 Common stock 10,000 318 Retained earnings 37,600 319 Dividends 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 rences 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: The Retained Earnings account balance was $37,600 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings account balance was $37,600 on December 31 of the prior year. CRUZ COMPANY Required 1 Required 2 Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. View transaction list View journal entry worksheet No Date General Journal Credit Debit 37,600 1 Dec 31 Services revenue Income summary 37,600 2 Dec 31 24,000 Income summary Salaries expense Supplies expense 22,000 2,200 3 Dec 31 Income summary Retained earnings 4 Dec 31 Dividends 7,000 Required 1 Required 2 Book Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings account balance was $37,600 on December 31 of the prior year. Print CRUZ COMPANY Post-Closing Trial Balance December 31 rences Debit Credit $ Cash Supplies Prepaid insurance Equipment Accumulated depreciation Equipment 19,000 13,000 3,000 24,000 $ 7,500 Totals $ 59,000 $ 7,500