A completed worksheet for Cedar Canyon Nursery and Landscape is shown on pages 180-181.
INSTRUCTIONS
1. Record the balances as of December 31 in the ledger accounts.
2. Journalize (use 3 as the page number) and post the adjusting entries. Use account number 131 for Prepaid Advertising and the same account numbers for all other accounts as shown on page 186 for Wells' Consulting Services chart of accounts.
3. Journalize (use 4 as the page number) and post the closing entries.
4. Prepare a postclosing trial balance.
Analyze:
What total credits were posted to the general ledger to complete the closing entries?