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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 9,800 2,000 23,000 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 540 Rent expense 652 Supplies expense Totals $ 6,500 6, 793 35,600 6,000 43,300 2.000 25,244 1,819 2.901 1.429 $92, 193 $92.193 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 $35,600 on December 31 of the prior year Mat 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 Journal entry worksheet Record the entry to close revenue accounts Note: Enter debits before credits Date Credit General Journal Services revenue Income summary Debit 43,300 Dec 31 [ 43300 Journal entry worksheet Record the entry to close expense accounts Note: Enter debits before credits Debit Credit Date Dec 31 | General Journal (Income summary Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense work - Chapter 36 Saved Journal entry worksheet Record the entry to close income summary account. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal UHR Clupei Journal entry worksheet work - Chapter 3 Required 1 Required 2 Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings account balance was $35,600 on December 31 of the prior year. CRUZ COMPANY Post-Closing Trial Balance December 31 Debit Credit Totals $ 0 $ 0 VI VELETHUCI JIULIC PUF yCo. 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 General Journal Debit Credit No 1 Date Dec 31 43 300 Services revenue Income summary 43300 2 Dec 31 Income Summary Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense