A completed worksheet for The King Group is given below.

THE KING GROUP
Worksheet
Month Ended December 31, 20X1
	Trial Balance			Adjustments		Adjusted Trial Balance		Income Statement	Balance Sheet
Account Name	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	92,200													92,200												92,200
Accounts receivable	11,800													11,800												11,800
Supplies	5,600								(	a)	2,200			3,400												3,400
Prepaid advertising	22,400								(	b)	2,800			19,600												19,600
Equipment	55,000													55,000												55,000
Accumulated depreciationEquipment									(	c)	2,200						2,200												2,200
Accounts payable			11,800														11,800												11,800
Delva King, Capital			130,000														130,000												130,000
Delva King, Drawing	8,200													8,200												8,200
Fees income			69,300														69,300						69,300
Supplies expense					(	a)	2,200							2,200						2,200
Advertising expense					(	b)	2,800							2,800						2,800
Depreciation expenseEquipment					(	c)	2,200							2,200						2,200
Salaries expense	14,200													14,200						14,200
Utilities expense	1,700													1,700						1,700
Totals	211,100		211,100				7,200				7,200			213,300			213,300			23,100			69,300			190,200			144,000
Net income																				46,200									46,200
																				69,300			69,300			190,200			190,200

Required:

1. Record the adjusting entries in the general journal (transactions 1-3).
2. Record the closing entries in the general journal (transactions 4-7).
3. Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
4. Prepare a postclosing trial balance.

Analyze: How many accounts are listed in the adjusted and postclosing trial balance section?