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 8,200 2,000 23,000 $ 6,500 853 40,600 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 6,000 40,900 2,000 23,845 1,718 2,740 1,350 $ 88,853 $88,853 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