Cash $15,900 Accounts Receivable 14,700 Allowance for Doubtful Accounts $1,200 Prepaid Insurance 9,490 Land 356,300 Buildings 150,000 Accumulated Depreciation-Buildings 35,104 Equipment 178,700 Accumulated Depreciation-Equipment 76,350 Common Stock 384,400 Retained Earnings 177,226 Dues Revenue 189,900 Green Fees Revenue 6,120 Rent Revenue 17,600 Utilities Expenses 55,180 Salaries and Wages Expense 81,910 Maintenance and Repairs Expense 25,720 $887,900 $887,900 (51) From the trial balance and the information given below, prepare annual adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) (1) The buildings have an estimated life of 30 years with no salvage value (straight-line method). The equipment is depreciated at 10% per year. (2) (3) Insurance expired during the year $3,830. (4) The rent revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been received. (Use Rent Receivable account.) (5) It is estimated that 12% of the accounts receivable will be uncollectible. (6) Salaries and wages earned but not paid by December 31, $3,638. (7) Dues received in advance from members $8,859, were recorded as Dues Revenue. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 7. Post adjusting entries to the ledger accounts. (Post entries in the order as displayed in the part above. Cash Bal. 15,900 Accounts Receivable Bal. 14,700 Allow. for Doubtful Accts. Bal. 1,200 4 Land Bal. 356,300 Buildings Bal. 150,000 Accum. Depr.-Buildings Bal. 35,104 A Rent Receivable Salaries and Wages Payable Equipment Bal. 178,700 Prepaid Insurance Bal. 9,490 Common Stock Bal. 384,400 Retained Earnings Bal. 177,226 Dues Revenue Bal. 189,900 Retained Earnings Bal. 177,226 Dues Revenue Bal. 189,900 Green Fees Revenue Bal. 6,120 Rent Revenue Bal. 17,600 Utilities Expenses Bal. 55.180 Bad Debt Expense Unearned Dues Revenue Salaries and Wages Expense Bal. 81,910 Maintenance and Repairs Expense Bal. 25.720 Depreciation Expense + Accum. Depr.-Equipment Bal. 76.350 Insurance Expense SKYSONG GOLF CLUB, INC. Adjusted Trial Balance December 31, XXXX Debit Credit (01) Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit 1. (To close revenue accounts) 2. (To close expense accounts) 3. (To close net income / (loss)) 142 Post closing entries.(Post entries in the order of journal entries presented in the previous part.) Cash 15,900 Bal. Accounts Receivable Bal. 14,700 Allow. for Doubtful Accts. Bal. . 1,200 Adi. 564 1,764 Land Bal. 356,300 Buildings Bal. 150.000 Accum. Depr.-Buildings Bal. 35,104 Adj. 5,000 40,104 Rent Receivable Adj. 1,600 Salaries and Wages Payable 3,638 | Adj. Equipment Bal. 178,700 Prepaid Insurance Bal. 9,490 Adj. 3,830 5,660 Common Stock Bal. 384,400 Retained Earnings . . Bal. 177,226 Dues Revenue Dues Revenue Adj. 8,859 Bal. 189,900 Green Fees Revenue Bal. 6,120 Rent Revenue Bal. 17,600 Adj. 1,600 Utilities Expenses Bal. 55,180 Bad Debt Expense Adj. 564 Unearned Dues Revenue Adj. 8.859 Salaries and Wages Expense Bal. 81,910 Adj. 3,638 Maintenance and Repairs Expense Bal. 25,720 Depreciation Expense Adj. 5,000 Adj. 17,870 Accum. Depr.- Equipment Bal. 76,350 Adj. 17,870 94,220 Insurance Expense Accum. Depr.-Equipment Bal. 76,350 Adj. 17,870 94,220 Insurance Expense Adj. 3,830 Income Summary e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit
