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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 11,800 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 640 Rent expense 652 Supplies expense Totals $ 6.500 2,820 41.600 6,000 43,200 2.000 25, 186 2.894 1,426 $94. 120 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. 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 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 3 4 Record the entry to close revenue accounts. ences Note: Enter debits before credits Date General Journal Debit Credit _ Dec 31 _ Record entry View general journal Required 2 > Required 1 Required 2 Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 9 View transaction list Journal entry worksheet Record the entry to close expense accounts. ences Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Requireuz 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 income summary account. ences Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Required 2 > View transaction list Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Required 2 > Skipped Required 1 Required 2 Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings a $41,600 on December 31 of the prior year. eBook References CRUZ COMPANY Post-Closing Trial Balance December 31 Debit Credit red 1 Required 2 > 101: Cash 126: Supplies 128: Prepaid insurance 167: Equipment