A completed worksheet for The Best Group is shown below.

INSTRUCTIONS
1. Record balances as of December 31, 20X1, 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?

Transcribed Image Text:

1 Cash 2 3 Supplies 4 Prepaid Advertising ACCOUNT NAME Accounts Receivable s Equipment 6 Accumulated Depreciation-Equipment Accounts Payable 7 8 Randy Best, Capital 9 Randy Best, Drawing Fees Income 10 11 Supplies Expense 12 Advertising Expense 13 Depreciation Expense-Equipment 14 Salaries Expense 15 Utilities Expense 16 Totals 17 Net Income 18 19 TRIAL BALANCE DEBIT 93 400 00 13 000 00 8 000 00 32 000 00 85 000 00 9400 00 15 400 00 300 00 258 500 00 23 CREDIT 13 000 00 142 000 00 103 500 00 258 500 00 (a) (b) (c) The Best Group Worksheet Month Ended December 31, 20X1 DEBIT ADJUSTMENTS 340 000 4000 00 3400 00 10 800 00 (a) (b) (C) CREDIT 3400 00 400000 3400 00 10 800 00