Info for adjusting entries Florida Orange Country Club adjusts its accounts monthly and closes its accounts annually. Club members pay their annual dues in advance by January 4. The entire amount is initially credited to Unearned Membership Dues. At the end of each month, an appropriate portion of this amount is credited to Membership Dues Earned. Guests of the Club normally pay green fees before being allowed on the course. The amounts collected are credited to Green Fee Revenue at the time of receipt. Certain guests, however, are billed for green fees at the end of the month. The following information is available as a source for preparing adjusting entries at December 31: 1. Salaries earned by golf course employees that have not yet been recorded or paid amount to $14,200. 2. The Orlando University golf team used Florida Orange for a tournament played on December 30 of the current year. At December 31, the $2,000 owed by the team for green fees had not yet been recorded or billed. 3. Membership dues eamed in December, for collections received in January, amount to $120,000. 4. Depreciation of the country club's golf carts is based on an estimated life of 10 years. The carts had originally been purchased for $160,000. The straight-line method is used. (Note: The clubhouse building was constructed in 1866 and is fully depreciated.) Question 5. Prepare adjusting entries for above transactions