List of Accounts
- Accounts Payable
- Accounts Receivable
- Accumulated Depreciation-Building
- Accumulated Depreciation-Equipment
- Administrative Expenses
- Admissions Revenue
- Advertising Expense
- Allowance for Doubtful Accounts
- Bad Debt Expense
- Buildings
- Cash
- Common Stock
- Cost of Goods Sold
- Current Maturity of Long-Term Debt
- Delivery Expense
- Depreciation Expense
- Dividends
- Dues Revenue
- Equipment
- Green Fees Revenue
- Income Summary
- Income Tax Expense
- Insurance Expense
- Interest Expense
- Interest Payable
- Interest Receivable
- Interest Revenue
- Inventory
- Land
- Maintenance and Repairs Expense
- Mortgage Payable
- No Entry
- Notes Payable
- Notes Receivable
- Office Expense
- Owner's Capital
- Owner's Drawings
- Prepaid Advertising
- Prepaid Insurance
- Prepaid Rent
- Property Tax Expense
- Property Tax Payable
- Rent Expense
- Rent Receivable
- Rent Revenue
- Retained Earnings
- Salaries and Wages Expense
- Salaries and Wages Payable
- Sales Discounts
- Sales Returns and Allowances
- Sales Revenue
- Selling Expenses
- Service Revenue
- Subscription Revenue
- Supplies
- Supplies Expense
- Telephone and Internet Expense
- Utilities Expenses
- Unearned Admissions Revenue
- Unearned Dues Revenue
- Unearned Service Revenue
- Unearned Rent Revenue
- Unearned Subscriptions Revenue
Presented below is the trial balance of the Metlock Golf Club, Inc. as of December 31. The books are closed annually on December 31. METLOCK GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31 Debit Credit Cash $17,880 17,800 Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance $1,000 9,780 Land 355,200 120,000 35,332 196,000 72,330 437,500 109,113 Buildings 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 203,800 17,600 56,660 81,800 27,710 $882,830 $882,830 Enter the balances in ledger accounts. Cash Accounts Receivable Allow.for Doubtful Accts. Land Buildings Accum. Depr.Buildings Equipment Prepaid Insurance Common Stock Retained Earnings Retained Earnings Dues Revenue Green Fees Revenue Rent Revenue Utilities Expenses Salaries and Wages Expense Maintenance and Repairs Expense Accum. Depr.- Equipment 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 for the amounts.) (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 $3,780. (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, $3,357. (7) Dues received in advance from members $9,385, were recorded as Dues Revenue. 0 No. Account Titles and Explanation Debit Credit 1. 2. . 3. 4. . 5. 5. 6. 7. Post adjusting entries to the ledger accounts. (Post entries in the order as displayed in the part above.) Bal. Cash 17,880 Accounts Receivable 17,800 Allow. for Doubtful Accts. Bal. Bal. 1,000 Land Bal. 355,200 Buildings 120,000 Accum. Depr.Buildings Bal. Bal. 35.332 Rent Receivable Salaries and Wages Payable Equipment Bal. 196,000 Prepaid Insurance Bal. 9,780 Common Stock Bal. 437,500 Retained Earnings Bal. 109,113 Dues Revenue Bal. 203,800 Green Fees Revenue Bal. 6,155 Rent Revenue Bal. 17,600 Bal. Utilities Expenses 56,660 Bad Debt Expense Unearned Dues Revenue Salaries and Wages Expense Bal. 81,800 Bal. Maintenance and Repairs Expense 27,710 Depreciation Expense Accum. Depr.- Equipment Bal. 72,330 Insurance Expense Prepare an adjusted trial balance. METLOCK GOLF CLUB, INC. Adjusted Trial Balance December 31, XXXX Debit Credit $ 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 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)) Post closing entries. (Post entries in the order of journal entries presented in the previous part.) Cash Bal. 17,880 Accounts Receivable Bal. 17,800 Allow. for Doubtful Accts. Bal. 1,000 Adj. 1,136 2,136 Land Bal. 355,200 Buildings 120,000 Accum. Depr.Buildings Bal. Bal. 35,332 Adj. 4,000 39,332 Adj. Rent Receivable 1,600 Salaries and Wages Payable Adj. Equipment 196,000 3,357 Bal. Prepaid Insurance Bal. 9,780 Adj. 3,780 6,000 Common Stock Bal. Retained Earnings 437,500 Bal. 109,113 Dues Revenue Adj. 9,385 Bal. 203,800 Green Fees Revenue Bal. 6,155 Rent Revenue Bal. 17,600 Adj. 1,600 Utilities Expenses Bal. 56,660 Bad Debt Expense Adj. 1,136 Unearned Dues Revenue Adj. Salaries and Wages Expense 9,385 Bal. 81,800 Adj. 3,357 Maintenance and Repairs Expense Bal. 27,710 Depreciation Expense Adj. 4,000 Adj. 19,600 Accum. Depr.-Equipment Bal. 72,330 Adj. 19,600 91,930 Insurance Expense Insurance Expense Adj. 3,780 Income Summary
