I'm stuck on a cycle project. My adjusted balance is off by 10,000. The debits are 876872 and the credits are 886872. Can anyone help me out?
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 Credit Debit $ 17,170 Cash 16,900 Accounts Receivable Allowance for Doubtful Accounts $ 1,030 9,070 Prepaid Insurance Land Bauiday 358,560 120,000 35,260 Accumulated Depreciation-Buildings Equipment Accumulated Depreciation -Equipment Common Stock Retained Earnings Dues Revenue Green Fees Revenue Rent Revenue Utilities Expenses Salaries and Wages Expense Maintenance and Repairs Expense 172,340 71,880 408,140 119,040 200,160 6,400 17,600 56,430 27,350 $859,510 $859,510 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 [20000 method) 2. The equipment is depreciated at 10% per year. I /-/ 3. Insurance expired during the year $3,830 4. Theret revenue represents the amount received 3 yor10% i 3434 months for dining facilities. The December rent has not yet been received 5. It is estimated that 12% ofthe accounts receivable wih be uncollectible. 6. Salaries and wages earned but not paid by December 31, $3,530 7. Dues received in advance from members $9,000. I oaxt (c) Prepare an adjusted trail balance. (d) Prepare and income statement. (See illustration 3.34 in text) (e) Prepare a statement of retained earnings. (See illustration 3.34 in text) (f) Prepare a balance sheet. (See illustration 3.35 or 5.16 showing current assets subtotal) (8) Prepare closing entries. Post these to the ledger accounts. (Se illustration 3.36. Note, closing entries. Post these to the ledger accounts. (See illustration 3.36. Note each revenue account in the cycle project must 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. Crestwood Adjusted Trial Balance December 31,20x1 Account Credit Debit $17,170 Cash A/R 16,900 ADA 2,028 5240 358560 1 20000 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 39260 73,340 89,114 3/53o 4o8, 1t0 9,040 i9n, 16o 6 400 9200 st30 350 31g 1/6o0 17,234 3830
