Business, 25.02.2020 20:26 hayyeet

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

Account Title
Debit Credit
101 Cash $18,000
Supplies 9,800
Prepaid insurance 2,000
Equipment 168 23,000
Accumulated depreciation Equipment $6500
Common stock 6793
Retained earnings 35,600
Dividends 6000
Services revenue 43,300
Depreciation expense-Equipment 2000
Salaries expense 25,244
Insurance expense 1819
Rent expense 2901
Supplies expense $1429
Totals $92,193 $92,193

a. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901.
b. 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.

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