P3-9 (Adjusting and Closing) Presented below is the 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 DepreciationEquipment 70,000 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 Instructions (a) Enter the balances in ledger accounts. Allow five lines for each account. (b) From the trial balance and the information given below, prepare annual adjusting entries and post to the ledger accounts. (Omit explanations.) (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 trial balance. (d) Prepare an income statement. e) Prepare 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