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
31-Dec
	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 Depreciation-Buildings		38,400
Equipment	150,000
Accumulated Depreciation-Equipment		70,000
Common Stock		400,000
Retained Earnings		82,000
Dues Revenue		200,000
Green Fees Revenue		5,900
Rent Revenue		17,600
Utilities Expense	54,000
Salaries and Wages expense	80,000
Maintenance and repairs expense	24,000
	$ 815,000	$ 815,000
(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 closing entries and post.