Number	Account Title	Debit	Credit
101	Cash	$ 18,000
126	Supplies	14,500
128	Prepaid insurance	2,000
167	Equipment	23,000
168	Accumulated depreciation—Equipment		$ 6,500
307	Common stock		9,539
318	Retained earnings		38,600
319	Dividends	6,000
403	Services revenue		39,500
612	Depreciation expense—Equipment	2,000
622	Salaries expense	23,029
637	Insurance expense	1,659
640	Rent expense	2,647
652	Supplies expense	1,304
	Totals	$ 94,139	$ 94,139

1. Prepare the December 31 closing entries. The account number for Income Summary is 901.
2. Prepare the December 31 post-closing trial balance. Note: The Retained Earnings account balance was $38,600 on December 31 of the prior year.

Required Required 1 2 Prepare the December 31 closing entries. The account number for Income Summary is 901. No Date General Journal 1 December 31 Services revenue Income summary 2 December 31 Income summary Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense 3 December 31 Income summary Accumulated depreciation-Equipment Common stock Retained earnings Services revenue st 4 December 31 Retained earnings Dividends 333 Debit Credit 39,500 39,500 39,500X 2,000 23,029 1,659 2,647 1,304 6,500X 9,539X 38,600X 39,500X 38,600X 6,000