The King Group Worksheet Month Ended December 31, 2019 ADJUSTMENTS COAT DEBIT CREDIT TRAL BALANCE OOT 93 dolo100 130 00 00 80 ooloo 3200 000 850 0000 (0) (D) 34olo 00 400 000 (0) ( 340 000 ACCOUNT NAME Cash Accounts Receivable Supplies Prepaid Advertising Equipment Accumulated Depreciation Equipment Accounts Payable Delve King, Capital Delva King, Drawing 10 Fees Income 11 Supplies Expense 12 Advertising Expense Depreciation Expense--Equipment 10 Salories Expense 15 Utilities Expense 13 golo 00 142 00 0100 940 000 103 50 000 (0) (0) (c) 340 000 400 0100 340 000 1514 00100 2300 og 258 50 000 258 50 000 101800100 16 Totals 12 Net Income 10 80 000 10 19 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