Exercise $3-20($Algo$)$ Preparing closing entries and a post$-$closing trial balance LO P$6$ Following are accounts and year$-$end adjusted balances of Cruz Company as of December $31.1.$ Prepare the December $31$ closing entries. The account number for Income Summary is $901.2.$ Prepare the December $31$ post$-$closing tral balance. Note. The Retained Earnings account balance was $\backslash (\backslash$$ $37,600\backslash )$ on December $31$ of the priaryear. Complete this questions by entering your answers in the tabs below. Prepare the December $31$ closing entries. The account number for Income Summary is $901$ 

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1 Closing Entries Closing entries are made at the end of an accounting period to transfer balances f... View the full answer