A completed worksheet for Elegant Lawn Nursery and Landscape is shown below.

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 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: 

What total credits were posted to the general ledger to complete the closing entries?

Transcribed Image Text:

1 Cash 2 3 Supplies 4 Prepaid Advertising 5 Equipment 6 Accumulated Depreciation-Equipment 7 Accounts Payable 8 Karen Preston, Capital F ACCOUNT NAME 9 Karen Preston, Drawing 10 Fees Income 11 Supplies Expense 12 Advertising Expense 13 Depreciation Expense-Equipment 14 Salaries Expense 15 Utilities Expense Totals 16 17 Net Income 8 ம் - - 18 Accounts Receivable TRIAL BALANCE DEBIT 32 400 00 600000 600000 9000001 60 000 00 840000 14 400 00 180000 138 000 00 CREDIT 900000 8220000 46 800 00 138 0 0 0 00 (a) (b) (C) Elegant Lawn Nursery and Landscape Worksheet Month Ended December 31, 20X1 DEBIT ADJUSTMENTS 300000 120000 150000 570000 (a) (b) (c) CREDIT 3 000 00 1 200 00 1500 00 570000