Exercise 3-10 Preparing closing entries and a post-closing trial balance LO P7, P8 The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Credit Debit $18,000 9,900 2,000 23,000 $ 6,500 3,268 40,600 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 307 common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals 6,000 38,300 2,000 22, 329 1,609 2.566 1.264 $88,668 $88,668 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 $40,600 on December 31 of the prior year. Journal entry worksheet Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings account balance was $40,600 on December 31 of the prior year. CRUZ COMPANY Post-Closing Trial Balance December 31 Debit Credit Totals $ 0 $