Journalizing and posting adjusting and closing entries and preparing a postclosing trial balance. A completed worksheet for The King Group is shown below. INSTRUCTIONS 1. Record balances as of December 31, 2019, in the ledger accounts. 2. Journalize (use 3 as the page number) and post the adjusting entries. Use account number 131 for Prepaid Advertising and the same account numbers for all other accounts shown in Mini- Practice Set 1 for Eli's Consulting Services chart of accounts. 3. Journalize (use 4 as the page number) and post the closing entries. 4. Prepare a postclosing trial balance. Analyze: How many accounts are listed in the Adjusted Trial Balance section? How many accounts are listed on the postclosing trial balance? The King Group Worksheet Month Ended December 31, 2019 ACCOUNT ME TBAL BALANCE ADJUSTMENTS DEO CREDIT DEBIT CREDIT 93400100 13100 000 800 000 321000100 850 00 00 (0) (0) 34 oo oo 400000 340000 Cosh Accounts Recevable Supplies Prepaid Advertising Equipment Accumulated Depreciation Equipment Accounts Payable Delva King, Capital Delvo King. Drowing 10 Fees Income 11 Supplies Expense 12 Advertising Expense Depreciation Expense-Equipment 1 Salories Expense 1 Unities Expense 130 00 00 142 0 0 0.00 9140 000 103 50100 (0) (b) ( 340 000 400 000 3140000 154 0000 213 0 000 258 SO 100 16 Totals 258 50 000 10 80 000 108 00100 1 Net Income TR 19