Accounting question-trial balance.

P3-9 (Adjusting and Closing) Presented below is the trial balance of the Crestwood Golf Club, Inc. as of

December 31. The books are closed annually on December 31.

CRESTWOOD GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31

Debit/Credit

Cash $ 15,000

Accounts Receivable 13,000

Allowance for Doubtful Accounts $ 1,100

Prepaid Insurance 9,000

Land 350,000

Buildings 120,000

Accumulated Depreciation—Buildings 38,400

Equipment 150,000

Accumulated Depreciation—Equipment 70,000

Common Stock 400,000

Retained Earnings 82,000

Dues Revenue 200,000

Green Fees Revenue 5,900

Rent Revenue 17,600

Utilities Expenses 54,000

Salaries and Wages Expense 80,000

Maintenance and Repairs Expense 24,000

$815,000             $815,000

 

Instructions

(a) Enter the balances in ledger accounts. Allow five lines for each account.

(b) From the trial balance and the information given below, prepare annual adjusting entries and post

to the ledger accounts. (Omit explanations.)

(1) The buildings have an estimated life of 30 years with no salvage value (straight-line method).

(2) The equipment is depreciated at 10% per year.

(3) Insurance expired during the year $3,500.

(4) The rent revenue represents the amount received for 11 months for dining facilities. The December

rent has not yet been received.

(5) It is estimated that 12% of the accounts receivable will be uncollectible.

(6) Salaries and wages earned but not paid by December 31, $3,600.

(7) Dues received in advance from members $8,900.

(c) Prepare an adjusted trial balance.

(d) Prepare closing entries and post.

Place a similar order with us or any form of academic custom essays related subject and it will be delivered within its deadline. All assignments are written from scratch based on the instructions which you will provide to ensure it is original and not plagiarized. Kindly use the calculator below to get your order cost; Do not hesitate to contact our support staff if you need any clarifications.

Type of paper Academic level Subject area
Number of pages Paper urgency Cost per page:
 Total:

Whatever level of paper you need – college, university, research paper, term paper or just a high school paper, you can safely place an order.