Problem 6.2A Journalizing and posting adjusting and closing entries and preparing a postclosing trial balance LO 6-1, 6-2 A completed worksheet for The King Group is given below. The King Group Worksheet Month Ended December 31, 2019 Trial Balance Adjusted Trial Adjustments Balance Account Name Debi Credit Debit Credit Debit Credit Cash 93,400 93,400 Accounts Receivable 13,000 13,000 Supplies 8,000 (a) 3,400 4,600 Prepaid Advertising 32,000 (b) 4,000 28,000 Equipment 85,000 85,000 Accumulated Depreciation -Equipment (c) 3,400 3,400 Accounts Payable 13,000 13,000 Delva King, Capital 142,000 142,000 Delva King, Drawing 9,400 9,400 Fees Income 103,500 103,500 Supplies Expense (a) 3,400 3,400 Advertising Expense (b) 4,000 4,000 Depreciation Expense-Equipment (c) 3,400 3,400 Salaries Expense 15,400 15,400 Utilities Expense 2,300 2,300 Totals 258,500 258,500 10,800 10,800 261,980 261,900 Net Income Income Statement Balance Sheet Debit Credit Debit Credit 93,400 13,000 4,600 28,000 85,000 3,400 13,000 142,000 9,400 103,500 3,400 4,000 3,400 15,400 2,300 28,500 103,500 233,400 158,400 75,000 75,000 103,500 103,500 233,400 233,400 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. Req 1 and 2 Reg 3 Req 4 Analyze Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. Supplies Account No: 121 Prepaid Advertising Account No: 131 Date Debit Credit Date Credit Balance Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Balance Debit Account No: 142 Account No: 301 Accumulated Depreciation- Equipment Date Debit Dec 31, 2019 Credit Balance Credit Balance Delva King, Capital Date Debit Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Account No: 302 Credit Balance Delva King, Drawing Date Debit Dec 31, 2019 Dec 31, 2019 Account No: 309 Credit Balance Income Summary Date Debit Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Account No: 401 Credit Balance Fees Income Date Debit Dec 31, 2019 Dec 31, 2019 Salaries Expense Date Debit Dec 31, 2019 Dec 31, 2019 Account No: 511 Credit Balance Check my worl Account No: 302 Credit Balance Delva King, Drawing Date Debit Dec 31, 2019 Dec 31, 2019 Account No: 309 Credit Balance Income Summary Date Debit Dec 31, 2019 Dec 31, 2019 Dec 31, 2019 Account No: 401 Credit Balance Account No: 511 Fees Income Date Debit Dec 31, 2019 Dec 31, 2019 Credit Balance Salaries Expense Date Debit Dec 31, 2019 Dec 31, 2019 Account No: 514 Credit Balance Utilities Expense Date Debit Dec 31, 2019 Dec 31, 2019 Account No: 517 Credit Balance Supplies Expense Date Debit Dec 31, 2019 Dec 31, 2019 Account No: 523 Account No: 526 Depreciation Expense- Equipment Date Debit Dec 31, 2019 Dec 31, 2019 Credit Balance Date Credit Balance Advertising Expense Debit Dec 31, 2019 Dec 31, 2019