Exercise 4-9 Preparing closing entries and a post-closing trial balance LO P2, P3

The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.

No.	Account Title	Debit			Credit
101	Cash	$	18,000
126	Supplies		13,500
128	Prepaid insurance		2,000
167	Equipment		23,000
168	Accumulated depreciationEquipment				$	6,500
301	A. Cruz, Capital					48,018
302	A. Cruz, Withdrawals		6,000
404	Services revenue					36,300
612	Depreciation expenseEquipment		2,000
622	Salaries expense		21,163
637	Insurance expense		1,525
640	Rent expense		2,432
652	Supplies expense		1,198
	Totals	$	90,818		$	90,818

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: A. Cruz, Capital was $48,018 on December 31 of the prior year.