ACCT 3121 Cycle Project (V2) Need help to do it all!

ACCT 3121 Cycle Project (V2) Presented below is the unadjusted 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 17,170 Accounts Receivable 16,900 Allowance for Doubtful Accounts S 1,030 9,070 358,560 120,000 Prepaid Insurance Land Buildings Accumulated Depreciation-Buildings Equipment rtAccumulated Depreciation-Equipment 35,260 172,340 71,880 408,140 119,040 200,160 Common Stock Retained Earnings Dues Revenue 6,400 Green Fees Revenue 17,600 Rent Revenue 56,430 81,690 27,350 $859,510 Utilities Expenses Salaries and Wages Expense Maintenance and Repairs Expense $859,510 Blank ledger accounts for P3-9 Dues Revenue Buildings Cash Green Fees Accumulated Depr - Bld Accounts Receivable Rent Revenue Equipment Allowance for Dbt Accts Utilities Expense Accumulated Depr - Eq Prepaid Insurance Salaries and Wage Exp Common Stock Land Retained Earnings Maintenance and Repair Expens Use this page for to record the adjusting entries. 1. Depreciation expense on building. 2. Depreciation expense on equipment. 3. Insurance expense. E 4. Rent receivable. 5. Allowance for doubtful accounts. 6. Salary payable. 7. Unearned revenue. Crestwood Adjusted Trial Balance December 31, 20X1 Credit Debit Account $17,170 Cash 16,900 A/R 2,028 ADA Pre-paid insurance Land Building Accumulated Dep'n-Building Equip Accumulated Dep'n - Equipment Salary payable Common stock Retained earnings Dues revenue Greens fees Rent revenue Utilities expense Inco Salary expense Maintenance expense Bad debt expense Unearned revenue Rent receivable Depreciation expense - building Depreciation expense - equipment Insurance expense S 886,872 $880,872 l Crestwood Income Statement For Year Ended December 31, 20X1 Revenues: Expenses: Net Income Crestwood Statement of Retained Earnings For Year Ended December 31, 20X1 Beginning R/E $ Ending R/E Crestwood Balance Sheet As of December 31, 20X1 Assets: Total Current Assets S Total Assets $ Liabilitics and Owner's Equity Total Liabilities $ Total Equity $ Total Liabilities and Owner's Equity $ Use this page to record closing entries. Close out revenues. dinirige Close out expenses. ato tep Close out Income Summary account. Crestwood Post Closing Trial Balance As of December 31, 20X1 Credit Debit Account $17,170 Cash 16,900 A/R ADA Pre-paid insurance Land Building Accumulated Dep'n - Building Equip Accumulated Dep'n - Equipment Salary payable Common stock Retained earnings Unearned dues revenue Rent receivable $ 691.810 $691,810 Instructions (a) Enter the unadjusted balances in ledger accounts. (b) From the trial balance and the information given below, prepare annual adjusting entries and post to the ledger accounts. (Omit explanations. Draw in T-accounts as necessary.) 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 $3,830 4. The rent revenue repressents 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, $3,530. 7. Dues received in advance from members $9,000. (c) Prepare an adjusted trail balance. (d) Prepare and income statement. (See illustration 3.36 in text) (e) Prepare a statement of retained earnings. (Sec illustration 3.36 in text) (f) Prepare a balance shect. (See illustration 3.43 or 5.16 showing current assets subtotal) (g) Prepare closing entries. Post these to the ledger accounts. (See illustration 3.38. Note, each revenue account in the cycle project nmust be closed out individually. One big entry to revenue is not correct when there are more than one type of revenue account. Same goes for expense accounts.) (h) Prepare a post-closing trail balance