A completed worksheet for The Oxford Group is shown below.

INSTRUCTIONS

1. Journalize 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.

2. Journalize (use 4 as the page number) and post the closing entries.

3. 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:

ACCOUNT NAME 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Advertising 5 Equipment 6 Accumulated Depreciation-Equipment 7 Accounts Payable 8 9 10 Fees Income 11 Supplies Expense 12 Advertising Expense 13 Depreciation Expense-Equipment 14 Salaries Expense 15 Utilities Expense 16 Totals 17 18 19 Peter Oxford, Capital Peter Oxford, Drawing Net Income TRIAL BALANCE DEBIT 45 200 00 CREDIT DEBIT 4 000 00 (a) 1700 00 16 000 00 (b) 200000 42 500 00 (c) 1700 00 650000 10 7100000 4700 00 51 750 00 (a) 1700 00 (b) 200 000 (c) 1700 00 7700 00 129 250 00 5 400 00 800000 1 150 00 The Oxford Company Worksheet Month Ended December 31, 20X1 129 250 00 ADJUSTMENTS CREDIT 540000