Hello tutors!! I have a cycle project that requires the following: (THE FULL PROJECT IS IN THE ATTACHMENTS)

(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 $3,500.

4. The rent revenue represents 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, $3,600.

7. Dues received in advance from members $8,900.

(c) Prepare an adjusted trail balance.

(d) Prepare and income statement.

(e) Prepare a statement of retained earnings.

(f) Prepare a balance sheet.

(g) Prepare closing entries. Post these to the ledger accounts.

(h) Prepare a post-closing trail balance.

ACCT 3121 Cycle Project 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 $15,000 Accounts Receivable 13,000 Allowance for Doubtful Accounts $1,100 Prepaid Insurance 9,000 Land 350,000 Buildings 120,000 Accumulated DepreciationBuildings 38,400 Equipment 150,000 Accumulated Depreciation 70,000 Equipment Common Stock 400,000 Retained Earnings 82,000 Dues Revenue 200,000 Green Fees Revenue 5,900 Rent Revenue 17,600 Utilities Expenses 54,000 Salaries and Wages Expense 80,000 Maintenance and Repairs Expense 24,000 $815,000 $815,000 1 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 $3,500. 4. The rent revenue represents 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, $3,600. 7. Dues received in advance from members $8,900. (c) Prepare an adjusted trail balance. (d) Prepare and income statement. (e) Prepare a statement of retained earnings. (f) Prepare a balance sheet. (g) Prepare closing entries. Post these to the ledger accounts. (h) Prepare a post-closing trail balance. 2 3 Use this page for to record the adjusting entries. 1. Depreciation expense on building. 2. Depreciation expense on equipment. 3. Insurance expense. 4. Rent receivable. 5. Allowance for doubtful accounts. 6. Salary payable. 7. Unearned revenue. 4 Crestwood Adjusted Trial Balance December 31, 20X1 Account Debit Cash $15,000 Credit A/R 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 Salary expense Maintenance expense Bad debt expense Unearned revenue Rent receivable Depreciation expense - building Depreciation expense - equipment Insurance expense ___________ ___________ $ $ . Crestwood 5 Income Statement For Year Ended December 31, 20X1 Revenues: Dues Revenue $191,100 Greens Revenue Rent Revenue ______ $ . Expenses: Utility Expense $54,000 Salary Expense Maintenance Expense Bad Debt Expense Depreciation Expense - Bld Depreciation Expense - Equip Insurance Expense $______ Net Income $ . 6 Crestwood Statement of Retained Earnings For Year Ended December 31, 20X1 Beginning R/E $82,000 + Net Income -Dividends Ending R/E _____ $ . 7 Crestwood Balance Sheet As of December 31, 20X1 Assets: Cash $15,000 A/R ADA Rent Rec'b Pre-paid Insurance _____ Total Current Assets $_______ Land Building A/Depr'n - Bld Equipment A/Depr'n - Equip _________ Total Assets $ . Total Liabilities and Owner's Equity $ . Liabilities and Owner's Equity Salary Payable Unearned Revenue __________ Total Liabilities $___________ Common Stock R/E __________ Total Equity $___________ 8 Use this page to record closing entries. Close out revenues. Close out expenses. Close out Income Summary account. 9 Account Crestwood Post Closing Trial Balance As of December 31, 20X1 Debit Cash Credit $15,000 A/R ADA Pre-paid insurance Land Building Accumulated Dep'n - Building Equip Accumulated Dep'n - Equipment Salary payable Common stock Retained earnings Unearned revenue Rent receivable ___________ ___________ $ $ . 10