A completed worksheet for The King Group is given below. THE KING GROUP Worksheet Month Ended December 31, 20X1 Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 92,900 92,900 92,900 Accounts receivable 12,500 12,500 12,500 Supplies 7,000 (a) 2,900 4,100 4,100 Prepaid advertising Equipment Accumulated depreciation-Equipment Accounts payable Delva King, Capital Delva King, Drawing 28,000 (b) 3,500 24,500 24,500 72,500 72,500 72,500 (c) 2,900 2,900 2,900 12,500 12,500 12,500 137,000 137,000 137,000 8,900 8,900 8,900 Fees income Supplies expense Advertising expense Salaries expense Utilities expense Totals Net income 89,250 89,250 89,250 (a) 2,900 2,900 2,900 (b) 3,500 3,500 3,500 Depreciation expense-Equipment (c) 2,900 2,900 2,900 14,900 2,050 238,750 238,750 9,300 14,900 14,900 2,050 2,050 9,300 241,650 241,650 26,250 89,250 215,400 152,400 63,000 63,000 89,250 89,250 215,400 215,400 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 postclosing trial balance. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Analyze Record the adjusting entries and the closing entries in the general journal. View transaction let Journal entry worksheet < 1 2345 Record the adjusting entry for supplies. 8 7 Note: Enter debits before credits. Date Dec 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. 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 < 1 2 3 45 8 7 Record the adjusting entry for advertising. Note: Enter debits before credits. Date Dec 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Analyze Record the adjusting entries and the closing entries in the general journal. View transaction let Journal entry worksheet < 1 2 3 4 5 8 7 Record the adjusting entry for depreciation. Note: Enter debits before credits. Date Dec 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Analyze Record the adjusting entries and the closing entries in the general journal. View transaction let Journal entry worksheet < 1 2 3 4 5 6 7 Record the closing entry for revenue. Note: Enter debits before credits. Date Dec 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. 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 < 1 2 3 4 5 6 7 Record the closing entry for expenes. Note: Enter debits before credits. Date Dec 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. 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 < 1 2 3 4 5 8 7 Record the closing entry for the balance of income summary. Note: Enter debits before credits. Date Dec 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal 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. 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 < 1 2 3 4 5 6 7 Record the closing entry for the drawing account. Note: Enter debits before credits. Date Dec 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 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 Account No: 131 Date Dec 31, 20X1 Debit Credit Balance Date Debit Credit Balance Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Accumulated Depreciation Equipment Date Dec 31, 20X1 Account No: 142 Delva King, Capital Account No: 301 Debit Credit Balance Date Debit Credit Balance Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Delva King, Drawing Date Dec 31, 20X1 Dec 31, 20X1 Account No: 300 Debit Credit Balance Account No: 302 Income Summary Debit Credit Balance Date Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Salaries Expence Fees Income Account No: 401 Date Debit Credit Balance Dec 31, 20X1 Dec 31, 20X1 Date Dec 31, 20X1 Dec 31, 20X1 Utitles Expense Date Dec 31, 20X1 Dec 31, 20X1 Account No: 611 Debit Credit Balance Account No: 617 Debit Credit Balance Account No: 614 Supplies Expence Debit Credit Balance Date Dec 31, 20X1 Dec 31, 20X1 Depreciation Expence- Equipment Date Dec 31, 20X1 Dec 31, 20X1 Account No: 623 Advertising Expence Account No: 628 Debit Credit Balance Dec Date 31, 20X1 Debit Credit Balance Dec 31, 20X1 Req 1 and 2 Req 3 Req 4 Analyze Prepare a postclosing trial balance. THE KING GROUP Postclosing Trial Balance December 31, 20X1 Totals Account Name Debit Credit 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. Req 1 and 2 Req 3 Req 4 Analyze How many accounts are listed in the adjusted and postclosing trial balance section? Adjusted trial balance Postclosing trial balance accounts accounts < Req 4 Analyze