Question

A completed worksheet for The King Group is given below. The King Group Worksheet Month Ended...

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 93,400 93,400 93,400
Accounts Receivable 13,000 13,000 13,000
Supplies 8,000 ( a) 3,400 4,600 4,600
Prepaid Advertising 32,000 ( b) 4,000 28,000 28,000
Equipment 85,000 85,000 85,000
Accumulated Depreciation
—Equipment		 ( c) 3,400 3,400 3,400
Accounts Payable 13,000 13,000 13,000
Delva King, Capital 142,000 142,000 142,000
Delva King, Drawing 9,400 9,400 9,400
Fees Income 103,500 103,500 103,500
Supplies Expense ( a) 3,400 3,400 3,400
Advertising Expense ( b) 4,000 4,000 4,000
Depreciation Expense—Equipment ( c) 3,400 3,400 3,400
Salaries Expense 15,400 15,400 15,400
Utilities Expense 2,300 2,300 2,300
Totals 258,500 258,500 10,800 10,800 261,900 261,900 28,500 103,500 233,400 158,400
Net Income 75,000 75,000
103,500 103,500 233,400 233,400


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 post-closing trial balance.

Analyze:
How many accounts are listed in the adjusted and post-closing trial balance section?

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Homework Answers

Answer #1
Adjusting Entries
Particulars Debit Credit
1) Supplies Expense $ 3,400.00
To Supplies $ 3,400.00
2) Advertising Expense $ 4,000.00
To Prepaid Advertising $ 4,000.00
3) Depreciation Expense $ 3,400.00
To Accumulated Depreciation $ 3,400.00
Closing Entries
Particulars Debit Credit
4) Fees Income $ 103,500.00
To Income Summary $ 103,500.00
5) Income Summary $   28,500.00
To Supplies Expense $     3,400.00
To Advertising Expense $     4,000.00
To Depreciation Expense $     3,400.00
To Salaries Expense $   15,400.00
To Utilities Expense $     2,300.00
6) Income Summary $   75,000.00
To Delva King, Capital $   75,000.00
7) Delva King, Capital $     9,400.00
To Delva King, Drawing $     9,400.00
Delva King, Capital Delva King, Drawing
7) $     9,400.00 Beg. Bal. $ 142,000.00 Beg. Bal. $ 9,400.00 7) $ 9,400.00
End. Bal. $ 207,600.00 6) $   75,000.00
Fees Income Supplies Expense
4) $ 103,500.00 Beg. Bal. $ 103,500.00 Beg. Bal. $             -   5) $ 3,400.00
1) $ 3,400.00
Advertising Expense Depreciation Expense
Beg. Bal. $                  -   5) $     4,000.00 Beg. Bal. $             -   5) $ 3,400.00
2) $     4,000.00 3) $ 3,400.00
Salaries Expense Utilities Expense
Beg. Bal. $   15,400.00 5) $   15,400.00 Beg. Bal. $ 2,300.00 5) $ 2,300.00
Income Summary
5) $     3,400.00 4) $ 103,500.00
5) $     4,000.00
5) $     3,400.00
5) $   15,400.00
5) $     2,300.00
6) $   75,000.00
Post Closing Trial Balance
Particulars Debit Credit
Cash $   93,400.00
Accounts Receivable $   13,000.00
Supplies $     4,600.00
Prepaid Advertising $   28,000.00
Equipment $   85,000.00
Accumulated Depreciation $      3,400.00
Accounts Payable $   13,000.00
Delva King, Capital $ 207,600.00
Total $ 224,000.00 $ 224,000.00
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