The trial balance of California Tennis Center, Inc., at the end of the first 11 months of its fiscal year follows:

Required post to three-column ledger The trial balance of California Tennis Center, Inc., at the end of the first 11 months of its fiscal year follows:
\section*{CALIFORNIA TENNIS CENTER, INC. Trial Balance \\ November 30, 1999}
\begin{tabular}{|c|c|c|c|}
\hline \begin{tabular}{l}
Acct. \\
No.
\end{tabular} & Account Title & Debits & Credits \\
\hline 100 & Cash . & \(\$ 71,180\) & \\
\hline 103 & Accounts Receivable & 81,750 & \\
\hline 130 & Land . . . . . . . & 60,000 & \\
\hline 200 & Accounts Payable & & \(\$ 18,750\) \\
\hline 201 & Notes Payable . . & & 15,000 \\
\hline 300 & Capital Stock & & 50,000 \\
\hline 310 & Retained Earnings, January 1, 1997. & & 53,700 \\
\hline 413 & Membership and Lesson Revenue . & & 202,500 \\
\hline 505 & Advertising Expense & 21,000 & \\
\hline 507 & Salaries Expense. & 66,000 & \\
\hline 511 & Utilities Expense. & 2,100 & \\
\hline 515 & Rent Expense & 33,000 & \\
\hline 518 & Supplies Expense & 2,250 & \\
\hline 530 & Repairs Expense . & 1,500 & \\
\hline 531 & Entertainment Expense . & 870 & \\
\hline \multirow[t]{2}{*}{540} & Interest Expense . . & 300 & \\
\hline & & \(\overline{\$ 339,950}\) & \(\$ 339,950\) \\
\hline \end{tabular}
Dec. 1 Paid building rent for December, \(\$ 4,000\).
2 Paid vendors on account, \(\$ 18,000\).
5 Purchased land for cash, \(\$ 10,000\).
7 Sold memberships on account for December, \(\$ 27,000\).
10 Paid the note payable of \(\$ 15,000\), plus interest of \(\$ 150\).
13 Cash collections from customers on account, \(\$ 36,000\).
19 Received a bill for repairs, \(\$ 225\).
24 Paid the December utilities bill, \(\$ 180\).
28 Received a bill for December advertising, \$1,650.
29 Paid the equipment repair bill received on the 19 th, \(\$ 225\).
30 Gave tennis lessons for cash, \(\$ 4,500\).
30 Paid salaries, \(\$ 6,000\).
30 Sales of memberships on account since December \(7, \$ 18,000\) (for the month of December).
30 Costs paid in entertaining customers in December, \(\$ 350\).
30 Paid dividends of \(\$ 1,500\). (The Dividends account is No. 320.)

a. Open three-column general ledger accounts for each of the accounts in the trial balance. Place the word Balance in the explanation space and enter the date December 1, 1999, on this same line. Also open an account for Dividends, No. 320.

b. Prepare entries in the general journal for the transactions during December 1999.

c. Post the journal entries to three-column ledger accounts.

d. Prepare a trial balance as of December 31, 1999.

Transcribed Image Text:

Acct. CALIFORNIA TENNIS CENTER, INC. Trial Balance November 30, 1999 No. Account Title 100 Cash Debits $ 71,180 Credits 103 Accounts Receivable. 130 Land 81,750 60,000 200 Accounts Payable $ 18,750 201 Notes Payable. 15,000 300 Capital Stock 50,000 310 413 Retained Earnings, January 1, 1997. Membership and Lesson Revenue 53,700 202,500 505 Advertising Expense. 21,000 507 Salaries Expense. 66,000 511 Utilities Expense. 2,100 515 Rent Expense. 33,000 518 Supplies Expense 2,250 530 Repairs Expense. 1,500 531 Entertainment Expense. 870 540 Interest Expense. 300 $339,950 $339,950