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?

The King Group Worksheet Month Ended December 31, 2019 TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT CREDIT DEBIT Cash 93 400 00 2 Accounts Receivable 3 Supplies Prepaid Advertising 13 000 00 3400 00 4000 00 8000 00 32 000 00 (a) (b) Equipment 6| Accumulated Depreciation-Equipment 7 Accounts Payable 8 Delva King, Capital 9| Delva King, Drawing 85 000 00 3400 00 (c) 13 000 00 142 000 00 9400 00 10| Fees Income 103 500 00 11 Supplies Expense 12 Advertising Expense 13 Depreciation Expense-Equipment 14 Salaries Expense 15 Utilities Expense 3400 00 4000 00 3400 00 (a) (b) (c) 15 400 00 2300 00 258 500 00 258 500 00 10 8 00 00 10 800 00 16| Totals 17 Net Income 18 19