Question

Ched 1 Problem 6.2A (Algo) Journalizing and posting adjusting and closing entries and preparing a postclosing trial balance. LO 6-1, 6-2 20 points A completed worksheet for The King Group is given below. Skipped eBook Ask Credit References Nocount Name Cash Accounts receivable Supplies Prepaid advertising Equipment Accumulated depreciation Equipment Accounts payable Delva King, Capital Delva King, Drawing Tees income Supplies expense Advertising expense Depreciation expense-Equipment Salaries expense Utilities expense Totals Net Income THE KING GROUP Worksheet Month Ended December 31, 20X1 Adjusted Trial Trial Balance Adjustments Balance Debit Credit Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit 93,200 93,200 12,800 93,200 12,800 12,800 7,600 (a) 3,200 4.400 30,400 (b) 3,800 4,400 26,600 80,000 25,600 80,000 80,000 (e) 3.200 3,200 12,000 3.200 12.800 12,800 140,000 140.000 140,000 9,200 9.200 9.200 97,800 97.800 97.800 (a) ),200 3.200 3.200 (b) 3,000 3,800 3.000 (o) 3,200 3.200 3.200 15,200 15,200 15.200 2.200 200 250,600 250, 600 10,200 10,200 253,800 253,00 22.600 97.800 226.200 156,000 70.200 7020 97.800 97.00 226,200 226.200 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 adiusting entries and the closing entries to the general ledger accounts. Hint Be sure to enter beginning balances Prav 1 of 1 II Next MacBook Air

Answer 1

Genneral journal
Particulars	Debit	Credit
Depreciation Expense-equipment	3200
To Accumulated depreciation-equipment		3200
(Adjusting entries for depreciation)
Supplies expense	3200
To Supplies		3200
(adjusting entries for supplies, being supplies issued)
Advertising expense	3800
To Prepaid advertising		3800
(adjusting entries for prepaid advertising, being advertising expense incurred)
Fees income	97800
To Supplies expense		3200
To Advertising expense		3800
To Dereciation expense-equipment		3200
To Salaries expense		15200
To Utilities expense		2200
To Net Income		70200
(being closing entries for income statement)
Net Income	70200
To Devla King Capital		70200
(closing entries for net income)
Devla king Capital	9200
To Devla king dawings		9200
(closing entries for drawings)

Cash
Date	Debit	Credit	Balance
Beginning	93200	0	93200
Adjusting entries	0	0	93200
Accounts receivable
Date	Debit	Credit	Balance
Beginning	12800	0	12800
Dec-31	0	0	12800
supplies
Date	Debit	Credit	Balance
Beginning	7600	0	7600
Adjusting entries Dec 31	0	3200	4400
Prepaid Advertising
Date	Debit	Credit	Balance
Beginning	30400	0	30400
Adjusting entries Dec 31	0	3800	26600
Equipment
Date	Debit	Credit	Balance
Beginning	80000	0	80000
Adjusting entries Dec 31	0	0	80000
Accumulated Depreciation-equipment
Date	Debit	Credit	Balance
Beginning	0	0	0
Adjusting entries Dec 31	0	3200	3200
accounts payable
Date	Debit	Credit	Balance
Beginning	0	12800	12800
Adjusting entries Dec 31	0	0	12800
Delva king Capital
Date	Debit	Credit	Balance
Beginning	0	140000	140000
Adjusting entries Dec 31	9200	70200	201000
Delva king drawing
Date	Debit	Credit	Balance
Beginning	9200	0	9200
Adjusting entries Dec 31	0	9200	0
Fees Income
Date	Debit	Credit	Balance
Beginning	0	0	0
Adjusting entries Dec 31	0	97800	97800
Supply Expense
Date	Debit	Credit	Balance
Beginning	0	0	0
Adjusting entries Dec 31	3200	0	3200
Advertising
Date	Debit	Credit	Balance
Beginning	0	0	0
Adjusting entries Dec 31	3800	0	3800
Depreciation expense-equipment
Date	Debit	Credit	Balance
Beginning	0	0	0
Adjusting entries Dec 31	3200	0	3200
Salaries expense
Date	Debit	Credit	Balance
Beginning	0	0	0
Adjusting entries Dec 31	15200	0	15200
Utilities expense
Date	Debit	Credit	Balance
Beginning	0	0	0
Adjusting entries Dec 31	2200	0	2200

	Post Closing Trail Balance
	Debit	Credit
Cash	93200
Accounts receivable	12800
supplies	4400
Prepaid advertising	26600
Equipement	80000
Accumulated depreciation-equipment		3200
accounts payable		12800
Delva king Capital		201000
Delva king drawing	0
Fees income
Supplies expense
Advertising expense
Dereciation expense-equipment
Salaries expense
Utilities expense
	217000	217000

In Post Closing trail balance the drwaings are adjusted to the capital account, rest all assets and liabilities being permanent stay on the balancesheet