The ledger accounts of Cheviot Hills Golf Club at September 30 are shown below in an alphabetical listing.

Instructions a Prepare a balance sheet at September 30.
b Assume that immediately after the September 30 balance sheet was prepared, a tornado struck the golf course and destroyed the fences, which were not insured against this type of disaster. If the balance sheet were revised to reflect the loss of the fences, explain what other changes in the balance sheet would be required.

Transcribed Image Text:

Accounts payable Accounts receivable. $ 5,340 Lighting equipment $ 52,900 1,300 Maintenance equipment 36,500 Building 64,200 Notes payable " Carol Martin, capital. 264,060 Notes receivable. Cash 14,960 Office equipment. 390,000 24,000 1,420 Fences 23,600 Office supplies. 490 Golf carts 28,000 Sprinkler system 50,000 Land 375,000 Taxes payable 12,970