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. 4 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 I Totals Debit Credit $18,000 9,700 2.000 23,000 $ 6,500 3.250 41,600 6.000 34,000 2.000 19,822 1,428 2,278 1.122 $85,350 $85,350 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 $41,600 on December 31 of the prior year