A completed worksheet for The King Group is given below.
So sorry for bothering you, but I'm so struggling on it. Thanks.
A completed worksheet for The King Group is given below. Account Name Cash Accounts receivable Supplies Prepaid advertising Equipment Accumulated depreciationEquipment 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 Income Trial Balance Adjustments Balance Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 91,400 91,400 91,400 11,000 11,000 11,000 4,000 (a) 1,400 2,600 2,600 16,000 (b) 2,000 14,000 14,000 35,000 35,000 35,000 (c) 1,400 1,400 1,400 11,000 11,000 11,000 122,000 122,000 122,000 7,400 7,400 7,400 46,500 46,500 46,500 (a) 1,400 1,400 1,400 (b) 2,000 2,000 2,000 (c) 1,400 1,400 1,400 13,400 13,400 1,300 1,300 1,300 179,500 179,500 4,800 4,800 180,900 180,900 19,500 46,500 161,400 134,400 27,000 27,000 46,500 46,500 161,400 161,400 13,400 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. Analyze: How many accounts are listed in the adjusted and postclosing trial balance section? No Date General Journal Debit Credit 1 Dec 31, 20X1 1,400 Supplies expense Supplies 1,400 2 Dec 31, 20X1 2,000 Advertising expense Prepaid advertising 2,000 3 Dec 31, 20X1 1,400 Depreciation expense-Equipment Accumulated depreciation Equipment 1,400 4 Dec 31, 20X1 46,500 Fees income Income summary 46,500 5 Dec 31, 20X1 19,500 1,400 2,000 Income summary Supplies expense Advertising expense Depreciation expense-Equipment Salaries expense Utilities expense 1,400 13,400 1,300 6 Dec 31, 20X1 27,000 Income summary Delva King, Capital 27,000 7 Dec 31, 20X1 7,400 Delva King, Capital Delva King, Drawing 7,400 Supplies Account No: 121 Account No: 131 Prepaid Advertising Date Debit Date Debit Credit Balance Credit Balance 4,000 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 1,400 2,600 Account No: 142 Delva King, Capital Account No: 301 Accumulated Depreciation- Equipment Date Debit Credit Balance Date Debit Credit Balance Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Account No: 309 Delva King, Drawing Date Debit Account No: 302 Credit Balance Income Summary Date Debit Credit Balance Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Fees Income Account No: 401 Account No: 511 Salaries Expense Date Debit Date Debit Credit Balance Credit Balance Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Account No: 517 Utilities Expense Date Debit Account No: 514 Credit Balance Credit Balance Supplies Expense Date Debit Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Account No: 523 Depreciation Expense- Equipment Date Debit Advertising Expense Account No: 526 Credit Balance Date Debit Credit Balance Req 1 and 2 Req 3 Req 4 Analyze Prepare a postclosing trial balance. THE KING GROUP Postclosing Trial Balance December 31, 20X1 Account Name Debit Credit Totals $ 0 0 Req 1 and 2 Reg 3 Req 4 Analyze How many accounts are listed in the adjusted and postclosing trial balance section? accounts Adjusted trial balance Postclosing trial balance accounts
