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		$1,030
Prepaid Insurance	9,070
Land	358,560
Buildings	120,000
Accumulated DepreciationBuildings		35,260
Equipment	172,340
Accumulated DepreciationEquipment		71,880
Common Stock		408,140
Retained Earnings		119,040
Dues Revenue		200,160
Green Fees Revenue		6,400
Rent Revenue		17,600
Utilities Expenses	56,430
Salaries and Wages Expense	81,690
Maintenance and Repairs Expense	27,350
	$859,510	$859,510

Instructions

Enter the unadjusted balances in ledger accounts.

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.)

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

The equipment is depreciated at 10% per year.

Insurance expired during the year $3,830.

The rent revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been received.

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

Salaries and wages earned but not paid by December 31, $3,530.

Dues received in advance from members $9,000.

Prepare an adjusted trail balance.

Prepare and income statement.

Prepare a statement of retained earnings.

Prepare a balance sheet.

Prepare closing entries. Post these to the ledger accounts.

Prepare a post-closing trail balance.