A completed worksheet for Cedar Valley Nursery and Landscape is shown below.

INSTRUCTIONS

1. Record the balances as of December 31 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 as 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: What total credits were posted to the general ledger to complete the closing entries?

Transcribed Image Text:

Cedar Valley Nursery and Landscape Worksheet Month Ended December 31, 2019 TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT 1| Cash 2|| Accounts Receivable 32 4 0 ol ool 6 0 0 0 00 3| Supplies 4 Prepaid Advertising 5 Equipment 6| Accumulated Depreciation-Equipment 7 Accounts Payable 8 Scott Jeremy, Capital 9 Scott Jeremy, Drawing 300 0 00 (a) 1200 00 (b) 6 0 0 0 00 90 o ol oo 60 o o ol ool 1500 00 (c) 9 00 0 00| 82 200 00 8 400 00 46 8 0 0 00 10 Fees Income 11 Supplies Expense 12 Advertising Expense 13 Depreciation Expense-Equipment 14 Salaries Expense 15 Utilities Expense 300 0 00 (a) 1 200 00 (b) 1500 00 (c) 14 400 00 1800 00 5|기0101 00| 16| Totals 17|| Net Income 138 000 138 0 0 0 00 5|기0101 001 18 19 20