Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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


 
image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed
 


 
 

completed worksheet for The King Group is given below. The King Group Worksheet Month Ended December 31, 2019 Adjusted Trial Trial Balance Adjustments Account Name Debit Credit Debit Credit Cash 93,200 Debit 93,200 Income Balance Statement Credit Debit Credit Balance Sheet Debit Credit 93,200 Accounts 12,800 12,800 Receivable 12,800 Supplies 7,600 (a) 3,200 4,400 4,400 Prepaid 30,400 Advertising Equipment (b) 3,800 26,600 26,600 80,000 80,000 80,000 -Equipment Delva King, Capital Delva King, Drawing Accumulated Depreciation Accounts Payable (c) 3,200 3,200 3,200 12,800 12,800 12,800 140,000 140,000 140,000 9,200 9,200 9,200 Fees Income Supplies Expense Advertising 97,800 97,800 97,800 (a) 3,200 3,200 3,200 Expense-Equipment Expense Depreciation Salaries Expense Utilities Expense 15,200 2,200 Totals 250, 600 250, 600 Net Income (b) 3,800 3,800 3,800 (c) 3,200 3,200 3,200 15,200 2,200 15,200 2,200 10,200 10,200 253,800 253,800 27,600 97,800 226,200 156,000 70,200 70,200 97,800 97,800 226,200 226,200 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 post-closing trial balance.

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

College Accounting A Contemporary Approach

Authors: David Haddock, John Price, Michael Farina

5th Edition

126078035X, 978-1260780352

More Books

Students also viewed these Accounting questions

Question

Transporters, in contrast to channels, work bt

Answered: 1 week ago