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First Landing Golf Club Trial Balance December 31, 2018 Unadjusted Debit Credit Cash 15,000 Accounts Receivable - Members 13,000 Allowance for Doubtful Accounts 1,100 Rent

First Landing Golf Club

Trial Balance

December 31, 2018

Unadjusted

Debit

Credit

Cash

15,000

Accounts Receivable - Members

13,000

Allowance for Doubtful Accounts

1,100

Rent Receivable

-

Prepaid Insurance

9,000

Shop Supplies

3,600

Land

350,000

Buildings

120,000

Accumulated Depreciation - Buildings

40,000

Equipment

150,000

Accumulated Depreciation - Equipment

70,000

Interest Payable

Salaries and Wages Payable

-

Unearned Dues

-

Note Payable

100,000

Common Stock

300,000

Retained Earnings

82,000

Dues Revenue

200,000

Green Fees Revenue

7,900

Rent Revenue

17,600

Bad Debt Expense

Depreciation Expense - Buildings

Depreciation Expense - Equipment

Insurance Expense

Interest Expense

Salaries and Wages Expense

80,000

Shop Supplies Expense

-

Utilities Expenses

54,000

Maintenance and Repairs Expense

24,000

Income Summary

TOTALS

818,600

818,600

Presented below is the trial balance of First Landing Golf Club as of December 31, 2018. The books are closed annually on December 31.

The following information is available for First Landing Golf Club at December 31.

Prepare adjusting journal entries for First Landing Golf Club based on the trial balance and the following information.

  1. The buildings have an estimated life of 30 years with no salvage value (straight-line method.)
  2. The equipment is depreciated over ten years using the straight-line method.
  3. Insurance expired during the year totaled $3,500.
  4. The rent revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been receive
  5. It is estimated that 12% of the accounts receivable will be uncollectibl
  6. Employees had earned $3,600, by December 31, for which they had not been paid.
  7. Dues received in advance from members, $8,900 were recorded as Dues Revenue.
  8. The note payable of $100,000 was issued on April 1, 2018, with interest of 5% and is due April 1, 2019.
  9. Shop supplies remaining at December 31 were $700.

Requirements:

  1. (5 point) Using Excel, setup a worksheet for First Landing Golf Club with columns for the unadjusted trial balance, adjusting journal entries, adjusted trial balance, closing entries, and post-closing trial balance. (See Figure 1)
  2. (5 points)Transfer unadjusted balances to the worksheet, use formulas to ensure columns balance across worksheet. (see Figure 1)
  3. (18 points)Prepare adjusting journal entries using attached general journal and then post to worksheet.
  4. (12 points)Using formulas, complete the adjusted trial balance columns. (See Figures 2 and 3 as a guide for creating formulas. Note that each cell in the debit and credit column will contain a formula, but there should only one balance per account.)
  5. (10 point)Prepare closing entries and post to the worksheet. (Net income = $26,990)
  6. (10 points)Complete worksheet by preparing post-closing trial balance. Use formulas! (NOTE: formulas from adjusted columns can be copied to the post-closing trial balance column.) Can you answer the requirement questions

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