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. 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 w $34,600 on December 31 of the prior year. repare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. Journal entry worksheet Record the entry to close revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close expense accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close income summary account. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. 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. 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 w $34,600 on December 31 of the prior year. repare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. Journal entry worksheet Record the entry to close revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close expense accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close income summary account. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits