182 CHAPTER 6 Closing Entries and the Postclosing Trial Balance entries and preparing Problem 6.24 Objectives 6-1, 6-2 Journalizing and posting adjusting and closing entries and a postclosing trial balance. 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 3 as the page number) and post the adiusting entries. Use account numbe for Prepaid Advertising and the same account numbers for all of artising and the same account numbers for all other accounts shown in m 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 Adiusted Trial Balance section? How many ac are listed on the postclosing trial balance? Adjusting and closing entries. Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 2019, the firm's worksheet showed the follow- ing adjustments data: (a) supplies used, $4,680; (b) expired rent, $26,000; and (c) depreciation on office equipment, $9,160. The balances of the revenue and expense accounts listed in the Income Statement section of the worksheet and the drawing account listed in the Balance Sheet section of the worksheet are given below: REVENUE AND EXPENSE ACCOUNTS 401 Fees Income 511 Depr. Expense-Office Equipment 514 Rent Expense 517 Salaries Expense 520 Supplies Expense 523 Telephone Expense 526 Travel Expense 529 Utilities Expense DRAWING ACCOUNT 302 Gloria Johnson, Drawing $200,000 Cr. 9,160 Dr. 26,000 Dr. 99,000 Dr. 4,680 Dr. 2,700 Dr. 20,780 Dr. 2,500 Dr. 22,000 Dr. INSTRUCTIONS 1. Record the adjusting entries in the general journal, page 3. 2. Record the closing entries in the general journal, page 4. Analyze: What closing entry is required to close a drawing account