A completed worksheet for The King Group is given below.

The King Group
Worksheet
Month Ended December 31, 2019
	Trial Balance						Adjustments								Adjusted Trial Balance						Income Statement					Balance Sheet
Account Name	Debit		Credit			Debit				Credit				Debit			Credit			Debit			Credit			Debit			Credit
Cash	91,800													91,800												91,800
Accounts Receivable	11,400													11,400												11,400
Supplies	4,800								(	a)	1,800			3,000												3,000
Prepaid Advertising	19,200								(	b)	2,400			16,800												16,800
Equipment	45,000													45,000												45,000
Accumulated Depreciation Equipment									(	c)	1,800						1,800												1,800
Accounts Payable			11,400														11,400												11,400
Delva King, Capital			126,000														126,000												126,000
Delva King, Drawing	7,800													7,800												7,800
Fees Income			57,900														57,900						57,900
Supplies Expense					(	a)	1,800							1,800						1,800
Advertising Expense					(	b)	2,400							2,400						2,400
Depreciation ExpenseEquipment					(	c)	1,800							1,800						1,800
Salaries Expense	13,800													13,800						13,800
Utilities Expense	1,500													1,500						1,500
Totals	195,300		195,300				6,000				6,000			197,100			197,100			21,300			57,900			175,800			139,200
Net Income																				36,600									36,600
																				57,900			57,900			175,800			175,800

Required:

Record the adjusting entries in the general journal (transactions 1-3).

Record the closing entries in the general journal (transactions 4-7).

Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.

Prepare a post-closing trial balance.

Analyze: