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?

A completed worksheet for The King Group is given below. King Group Worksheet Month Ended December 31, 2819 Adjusted Trial Income Trial Balance Adjustments Balance Sheet Balance Statement Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 91,488 11,8e8 Account Name Cash Accounts Receivable Supplies Prepaid Advertising Equipment Accumulated Depreciation 91,488 11,8e8 (a) 1,488 2,688 (b) 2,888 14,808 35,808 91,488 11,808 2,608 14,808 35,8e8 4,888 16,808 35,808 (c) 1,480 1,488 1,488 -Equipment Accounts Payable Delva King, Capital Delva King, Drawing Fees Income Supplies Expense Advertising Expense Depreciation Expense-Equipment Salaries Expense Utilities Expense Totals 11,8ee 122,8e8 11,808 122,8e8 11,8ee 122,8e8 7,488 7,488 7,488 46,588 46,588 46,588 (a) 1,488 (b) 2,e98 (c) 1,490 1,480 2,808 1,488 13,490 1,308 1,480 2,808 1,488 13,488 1,308 13,488 179,588 179,588 4,888 4,888 188,908 188,988 19,500 46, 508 161,48e 134,480 27,800 46,588 46, 588 161,488 161,488 Net Income