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. No. 101 Cash Debit Credit $18,000 12,700 Account Title 126 Supplies 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation-Equipment $ 6,500 307 Common stock 318 Retained earnings 5,593 38,600 319 Dividends 6,000 404 Services revenue 47,300 2,000 27,576 1,987 640 Rent expense 3,169 1,561 $97,993 $97,993 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 652 Supplies expense Totals 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 $38,600 on December 31 of the prior year. Answer is not complete. Complete this questions by entering your answers in the tabs below. 640 nt expense 652 Supplies expense Totals 3,109 1,561 $97,993 $97,993 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 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, 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 1 Dec 31 Services revenue 2 Dec 31 Salas expense Insurance expense Rent expense Supplies expense 3 Dec 31 Retained earnings 4 Dec 31 Common stock Retained earnings Debit Credit 47,300 38,600 27,576 1,987 3,169 1,561 6,500 38,600 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 w $38,600 on December 31 of the prior year. CRUZ COMPANY Post-Closing Trial Balance December 31 Debit Credit Cash $ 18,000 Supplies 12,700 Prepaid insurance 2,000 Equipment 23,000 Accumulated depreciation-Equipment $ 6,500 Retained earnings 38,600 Totals $ 94,300 $ 6,500