A completed worksheet for The King Group is given below. 2 Balance Sheet Income Statement Credit 02:08:55 Credit Skipped Debit 93,400 13,000 4,600 28,000 85,000 The King Group Worksheet Month Ended December 31, 2019 Trial Balance Adjustments Adjusted Trial Balance Account Name Debit Credit Debit Credit Debit Credit Debit Cash 93,400 93,400 Accounts Receivable 13,000 13,000 Supplies 8,000 (a) 3,400 4,600 Prepaid Advertising 32,000 (b) 4,000 28,000 Equipment 85,000 85,000 Accumulated Depreciation -Equipment (C) 3,400 3,400 Accounts Payable 13,000 13,000 Delva King, Capital 142,000 142,000 Delva King, Drawing 9,400 9,400 Fees Income 103,500 103,500 Supplies Expense (a) 3,400 3,400 3,400 Advertising (b) 4,000 Expense 4,000 4,000 Depreciation Expense-Equipment (C) 3,400 3,400 3,400 Salaries Expense 15,400 15, 400 15,400 Utilities Expense 2,300 2,300 2,300 Totals 258,500 258,500 10, 800 10,800 261, 900 261, 900 28,500 Net Income 75,000 103,500 3,400 13,000 142,000 9,400 103,500 103,500 233, 400 158, 400 75,000 233, 400 103,500 233,400 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 post-closing trial balance. Analyze: How many accounts are listed in the adjusted and post-closing trial balance section? Req 1 and 2 Req 3 Req 4 Analyze Record the adjusting entries and the closing entries in the general journal. View transaction list Journal entry worksheet Record the adjusting entry for supplies. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019 Record entry Clear entry View general journal Req 1 and 2 Reg 3 Req 4 Analyze Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. Account No: 121 Prepaid Advertising Account No: 131 Supplies Date Debit Dec 31, 2019 Credit Balance Date Debit Credit Balance Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Account No: 142 Delva King, Capital Account No: 301 Accumulated Depreciation- Equipment Date Debit Dec 31, 2019 Credit Balance Date Debit Credit Balance Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Account No: 302 Account No: 309 Income Summary Date Debit Credit Balance Credit Balance Delva King, Drawing Date Debit Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Fees Income Account No: 401 Account No: 511 Salaries Expense Date Debit Date Debit Credit Balance Credit Balance Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Account No: 517 Utilities Expense Date Debit Dec 31, 2019 Account No: 514 Credit Balance Supplies Expense Date Debit Dec 31, 2019 Credit Balance Dec 31, 2019 Dec 31, 2019 Account No: 523 Advertising Expense Account No: 526 Depreciation Expense- Equipment Date Debit Balance Debit edit Balance Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Req 4 Analyze Prepare a post-closing trial balance. THE KING GROUP Post-closing Trial Balance December 31, 2019 Account Name Debit Credit Totals $ 0 $ 0 Req 1 and 2 Req3 Req 4 Analyze How many accounts are listed in the adjusted and post-closing trial balance section? Adjusted trial balance Post-closing trial balance accounts accounts
