(Solved): Exercise 3-20 (Static) Preparing closing entries and a post-closing trial balance LO P6 Following ...

Exercise 3-20 (Static) Preparing closing entries and a post-closing trial balance LO P6 Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title 101 Cash 126 128 167 168 307 318 Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Common stock Retained earnings Dividends Services revenue 319 403 612 Depreciation expense-Equipment 622 637 640 652 Salaries expense Insurance expense Rent expense Supplies expense Totals Debit $ 19,000 13,000 3,000 24,000 7,000 3,000 22,000 2,500 3,400 2,200 $ 99, 100 Credit $ 7,500 10,000 37,600 44,000 $ 99, 100 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 Retained Earnings account balance was $37,600 on December 31 of the prior year.