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	93,100													93,100												93,100
Accounts receivable	12,700													12,700												12,700
Supplies	7,400								(	a)	3,100			4,300												4,300
Prepaid advertising	29,600								(	b)	3,700			25,900												25,900
Equipment	77,500													77,500												77,500
Accumulated depreciationEquipment									(	c)	3,100						3,100												3,100
Accounts payable			12,700														12,700												12,700
Delva King, Capital			139,000														139,000												139,000
Delva King, Drawing	9,100													9,100												9,100
Fees income			94,950														94,950						94,950
Supplies expense					(	a)	3,100							3,100						3,100
Advertising expense					(	b)	3,700							3,700						3,700
Depreciation expenseEquipment					(	c)	3,100							3,100						3,100
Salaries expense	15,100													15,100						15,100
Utilities expense	2,150													2,150						2,150
Totals	246,650		246,650				9,900				9,900			249,750			249,750			27,150			94,950			222,600			154,800
Net income																				67,800									67,800
																				94,950			94,950			222,600			222,600

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 postclosing trial balance.

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