Exercise 4 9 (Algo) Preparing closing entries and a post closing trial balance LO P2 Following are accounts and year end adjusted balances of Cruz Company as of December 31 Number Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 8,700 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciationEquipment $ 6,500 301 A Cruz, Capital 42,530 302 A Cruz, Withdrawals 6,000 403 Services revenue 38,800 612 Depreciation expenseEquipment 2,000 622 Salaries expense 22,620 637 Insurance expense 1,630 640 Rent expense 2,600 652 Supplies expense 1,280 Totals $ 87,830 $ 87,830 1 Prepare the December 31 closing entries The account number for Income Summary is 901 2 Prepare the December 31 post closing trial balance Note The A Cruz, Capital account balance was $42,530 on December 31 of the prior year

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Question: Exercise 4-9 (Algo) Preparing closing entries and a post-closing trial balance LO P2 Following are accounts and year-end adjusted balances of Cruz Company as of

Exercise 4-9 (Algo) Preparing closing entries and a post-closing trial balance LO P2

Following are accounts and year-end adjusted balances of Cruz Company as of December 31.

Number	Account Title	Debit	Credit
101	Cash	$ 18,000
126	Supplies	8,700
128	Prepaid insurance	2,000
167	Equipment	23,000
168	Accumulated depreciationEquipment		$ 6,500
301	A. Cruz, Capital		42,530
302	A. Cruz, Withdrawals	6,000
403	Services revenue		38,800
612	Depreciation expenseEquipment	2,000
622	Salaries expense	22,620
637	Insurance expense	1,630
640	Rent expense	2,600
652	Supplies expense	1,280
	Totals	$ 87,830	$ 87,830

1. Prepare the December 31 closing entries. The account number for Income Summary is 901. 2. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $42,530 on December 31 of the prior year.

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