A completed worksheet for The King Group is given below.

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?

The King Group Worksheet Month Ended December 31, 2019 Adjusted Trial Income Balance Sheet Statement Trial Balance Debit Credit DebitCredit Debit Credit Debit Credit Debit Credit 92,600 12, 200 Adjustments Balance Account Name Cash Accounts Receivable Supplies Prepaid Advertising Equipment Accumulated Depreciation 92,600 12, 200 3,800 22,400 65,000 92,600 12, 200 3,800 22,400 65,000 6,400 25,680 65,000 (a) 2,600 (b) 3,200 (c) 2,608 2,600 2,600 -Equipment Accounts Payable Delva King, Capital Delva King, Drawing Fees Income Supplies Expense Advertising Expense Depreciation Expense-Equipment Salaries Expense Utilities Expense Totals 12,200 134, 800 12,200 134, 800 12,200 134, 800 8,600 8,600 8,600 80,700 80,700 80,700 (a) 2,608 (b) 3,20e (c) 2,608 2,60e 3,208 2,60e 14, 600 1,908 8,400 229,500 229,500 24,900 80,700 204,600 148,800 2,60e 3,208 2,60e 14, 600 1,908 14, 600 1,900 226,900e 226,98e 8,400 55,800 Oo 8,700 80, 700 284,600 204, 608 Net Income 55,800