A completed worksheet for The King Group is shown on the bottom of these two pages.

INSTRUCTIONS
1. Record balances as of December 31, 2016, 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 on page 186 for Wells€™ 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 trialbalance?

Transcribed Image Text:

The King Group Worksheet Month Ended December 31, 2016 TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEEIT CREDIT DEEIT CREDIT Cash Accounts Receivoble Supplies Prepaid Advertising Equipment Accumulated Depreciation -Equipment Accounts Payable Delva King, Capital Delva King, Drawing Fees Income Supplies Expense Advertising Expense Depreciation Exense-Equipment Salares Expense Utilities Expense Totals Wet Income 93 400 00 13 000 00 8 000 00 32 000 00 85 000 00 o) 3 4 00 00 (b) 4000 00 (c)34 0 0 00 13 000 00 1421 01 0101 00 9 400 00 103 5 00 00 (a) 3 40o 00 b) 00000 (c) 3 400 00 15 400 00 2300 00 258 500 00 258 50o o10 8o 10 800100