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?

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|0101 00| 16| Totals 17|| Net Income 138 000 138 0 0 0 00 5|0101 001 18 19 20