A completed worksheet for The King Group is shown below.

INSTRUCTIONS

1. Record balances as of December 31, 2019, 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 shown in Mini-

Practice Set 1 for Eli's 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: How many accounts are listed in the Adjusted Trial Balance section? How many accounts are listed on the postclosing trial balance?

Transcribed Image Text:

The King Group Worksheet Month Ended December 31, 2019 TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT CREDIT DEBIT Cash 93 400 00 2 Accounts Receivable 3 Supplies Prepaid Advertising 13 000 00 3400 00 4000 00 8000 00 32 000 00 (a) (b) Equipment 6| Accumulated Depreciation-Equipment 7 Accounts Payable 8 Delva King, Capital 9| Delva King, Drawing 85 000 00 3400 00 (c) 13 000 00 142 000 00 9400 00 10| Fees Income 103 500 00 11 Supplies Expense 12 Advertising Expense 13 Depreciation Expense-Equipment 14 Salaries Expense 15 Utilities Expense 3400 00 4000 00 3400 00 (a) (b) (c) 15 400 00 2300 00 258 500 00 258 500 00 10 8 00 00 10 800 00 16| Totals 17 Net Income 18 19