A completed worksheet for The King Group is given below. THE KING GROUP Worksheet Month Ended December 31, 20X1 Adjustments Debit Credit Trial Balance Debit Credit 92,100 11,700 5,400 21,600 52,500 (a) 2,100 (b) 2,700 (c) 2,100 11,700 129,000 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 8,100 Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit 92,100 92,100 11,700 11,700 3,300 3,300 18,900 18,900 52,500 52,500 2,100 2,100 11,700 11,700 129,000 129,000 8,100 8,100 66,450 66,450 2,100 2,100 2,700 2,700 2,100 2,100 14,100 14,100 1,650 1,650 209, 250 209, 250 22,650 66,450 186,600 142,800 43,800 43,800 66,450 66,450 186,600 186,600 66,450 (a) 2,100 (b) 2,700 (c) 2,100 14,100 1,650 207,150 207,150 6,900 6,900 6,900 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? Req 1 and 2 Reg 3 Reg 4 Analyze Record the adjusting entries and the closing entries in the general journal. View transaction list Journal entry worksheet 1 2 3 3 4 5 6 7 > Record the adjusting entry for supplies. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 20X1 Record entry Clear entry View general journal Journal entry worksheet Record the adjusting entry for depreciation. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 20X1 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 3 4 5 5 6 7 Record the closing entry for revenue. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 20X1 Record entry Clear entry View general journal Journal entry worksheet Record the closing entry for the balance of income summary. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 20X1 Record entry Clear entry View general journal Journal entry worksheet Record the closing entry for the drawing account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 20X1 Record entry Clear entry View general journal Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. Account No: 121 Account No: 131 Supplies Date Debit Dec 31, 20X1 Credit Balance Credit Balance Prepaid Advertising Date Debit 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 Account No: 302 Credit Balance Account No: 309 Credit Balance Delva King, Drawing Date Debit 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 Debit Date Dec 31, 20X1 Dec 31, 20X1 Salaries Expense Date Debit Dec 31, 20X1 Dec 31, 20X1 Utilities Expense Account No: 514 Credit Balance Supplies Expense Date Debit Account No: 517 Credit Balance Debit Date 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 Dec 31, 20X1 Dec 31, 20X1 Credit Balance Debit Credit Balance Date Dec 31, 20X1 Dec 31, 20X1 Prepare a postclosing trial balance. THE KING GROUP Postclosing Trial Balance December 31, 20X1 Account Name Debit Credit Totals How many accounts are listed in the adjusted and postclosing trial balance section? accounts Adjusted trial balance Postclosing trial balance accounts