Question: The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2008 the end of its fiscal year. (1) Prepare the December 31, 2008 closing entries for Cruz Company. (2) Prepare the December 31, 2008 Post closing trial balance for cruz Company.

No account title debit credit

101 Cash 19,000
126 Supplies 13,000
128 Prepaid insurance 3,000
167 Equipment 24,000
168 Accumulated depreciation-equipment 7,500
301 T. Cruz, Capital 47,600
302 T. Cruz, Withdrawals 7,000
404 Service Revenue 44,000
612 Depreciation Expense- Equipment 3,000
622 Salaries expense 22,000
637 Insurance expense 2,500
640 Rent Expense 3,400
652 Supplies Expense 2,200

Totals 99,100 99,100