A completed worksheet for The King Group is given below. Account Name Cash Accounts receivable Supplies Prepaid advertising Equipment Accumulated depreciation-Equipment Accounts payable Delva King, Capital Delva King, Drawing Fees income Supplies expense Advertising expense Depreciation expense-Equipment Salaries expense Utilities expense Totals Net income THE KING GROUP Worksheet Month Ended December 31, 20X1 Adjusted Trial Trial Balance Adjustments Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 92,100 92,100 92,100 11,700 11,700 11,700 5,400 (a) 2,100 3,300 3,300 21,600 (b) 2,700 18,900 18,900 52,500 52,500 52,500 (c) 2,100 2,100 2,100 11,700 11,700 11,700 129,000 129,000 129,000 8, 100 8, 100 8,100 66,450 66,450 66,450 (a) 2,100 2,100 2,100 (b) 2,700 2,700 2,700 (c) 2,100 2,100 2,100 14,100 14,100 14,100 1,650 1,650 1,650 207,150 207,150 6,900 6,900 209, 250 209, 250 22,650 66,450 186,600 142,800 43,800 43,800 66,450 66,450 186,600 186,600 Required: 1. Record the adjusting entries in the general journal (transactions 1-3). 2. Record the closing entries in the general journal (transactions 4-7). 3. Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. 4. Prepare a postclosing trial balance. Analyze: How many accounts are listed in the adjusted and postclosing trial balance section? Complete this question by entering your answers in the tabs below. Record the adjusting entries and the closing entries in the general journal. View transaction list X 1 Record the adjusting entry for supplies. > 2 Record the adjusting entry for advertising. 3 Record the adjusting entry for depreciation. 4 Record the closing entry for revenue. 5 Record the closing entry for expenes. bit Credit 6 Record the closing entry for the balance of income summary. 7 Record the closing entry for the drawing account. Note : 1 = journal entry has been entered Record entry Clear entry View general journal Req 1 and 2 Reg 3 Reg 4 Analyze Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. Supplies Account No: 121 Prepaid Advertising Date Debit Account No: 131 Credit Balance Date Debit Credit Balance Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Account No: 142 Accumulated Depreciation- Equipment Date Debit Delva King, Capital Account No: 301 Credit Balance Date Debit Credit Balance Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Delva King, Drawing Date Debit Account No: 302 Credit Balance Account No: 309 Credit Balance Dec 31, 20X1 Dec 31, 20X1 Income Summary Date Debit Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Fees Income Account No: 401 Credit Balance Account No: 511 Credit Balance Date Debit Salaries Expense Date Debit Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Account No: 517 Utilities Expense Date Debit Account No: 514 Credit Balance Supplies Expense Date Debit Credit Balance Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Account No: 523 Advertising Expense Account No: 526 Depreciation Expense- Equipment Date Debit Credit Balance Date Debit Credit Balance Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Req 1 and 2 Req3 Reg 4 Analyze Prepare a postclosing trial balance. THE KING GROUP Postclosing Trial Balance December 31, 20X1 Account Name Debit Credit Totals Req 1 and 2 Req3 Req 4 Analyze How many accounts are listed in the adjusted and postclosing trial balance section? Adjusted trial balance Postclosing trial balance accounts accounts