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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 No Account Title Debat Credit 101 Cash $18,000 126 Supplies 13,600 126 Prepaid Insurance 2,000 167 Equipoent 23,000 168 Accumulated depreciation Equipment 5.6,500 3117 Connon stock 9,465 31 Retained earnings 35, see 319 Dividends 6,000 404 Services revenue 47,400 612 Depreciation expense-Equipment 2,000 622 Salaries expense 27,634 637 Insurance expense 1,991 640 Rant expense 3,176 652 Supplies expense 3564 Totals 98,965 $98,96 1. Prepare the December 31, closing entries for Cruz Company Assume the account namber for Income Summary is 901 2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: The Retained Earnings account balance was $35,600 on December 31 of the prior year 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 View journal entry worksheet General Journal Debit Credit NO 1 Date Dec 31 Services revenue Income summary Required 2 > Required 1 Requiryd 2 Prepare the December 31, post-closing tral balance for Cruz Company. Note: The Retained Earnings account balance was $35,600 on December 31 of the prior year. CRUZ COMPANY Post Closing Tral Balance December 31 Debit Credit Totais $ 05 0