Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A completed worksheet for The King Group is given below. The King Group Worksheet Month Ended December 31, 2019 Trial Balance Adjustments Adjusted Trial Balance

A completed worksheet for The King Group is given below. The King Group Worksheet Month Ended December 31, 2019 Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 93,400 93,400 93,400 Accounts Receivable 13,000 13,000 13,000 Supplies 8,000 ( a) 3,400 4,600 4,600 Prepaid Advertising 32,000 ( b) 4,000 28,000 28,000 Equipment 85,000 85,000 85,000 Accumulated Depreciation Equipment ( c) 3,400 3,400 3,400 Accounts Payable 13,000 13,000 13,000 Delva King, Capital 142,000 142,000 142,000 Delva King, Drawing 9,400 9,400 9,400 Fees Income 103,500 103,500 103,500 Supplies Expense ( a) 3,400 3,400 3,400 Advertising Expense ( b) 4,000 4,000 4,000 Depreciation ExpenseEquipment ( 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 28,500 103,500 233,400 158,400 Net Income 75,000 75,000 103,500 103,500 233,400 233,400 Required: Record the adjusting entries in the general journal (transactions 1-3). Record the closing entries in the general journal (transactions 4-7). Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. Prepare a post-closing trial balance. Analyze: How many accounts are listed in the adjusted and post-closing trial balance section?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost And Management Accounting

Authors: Duncan Williamson

1st Edition

0132059231, 978-0132059237

More Books

Students also viewed these Accounting questions