ww Exercise 3-16 (Algo) Preparing closing entries and a post-closing trial balance LO P6 The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Account Title Debit $ 18,000 9,400 Credit Number 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 640 652 Rent expense Supplies expense 2,000 23,000 $ 6,500 678 40,600 6,000 45,900 2,000 26,760 1,928 3,075 1,515 Totals $ 93,678 $93,678 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. 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 Journal entry worksheet 2 34 Record the entry to close revenue accounts. Note: Enter debits before credits Date December 31 General Journal Debit Credit < Prev 7 of 7 Next >