please type out answers with explaination...

Camings T-account, etc.). You will use the same T-accounts for posting regular entries, and closing entries. Also, to the extent possible, organize your You will use the same T-accounts for posting regular transactional entries, adjusting to the extent possible, organize your T-accounts (or general ledger accounts) accou abilities are together, etc. (Please note that the assumption in this problem is that lager), and the trial balance below reflects that fact Therefore you do not have to recor onal) entries have ALREADY been recorded and posted to the T-accounts (or general ts that fact. (Therefore, you do not have to record the original journal able to figure out what those loumal entries were iust by looking at the trial balance, anyway.) w balances shown in the trial balance and in fact, there is no way that you would be so that Assets are together, Liabilities are together, etc. (Please the "regular" (transactional) entries have ALREAD entries that resulted in the balances shown in the tria Sleepy Hollow Golf Club, Inc. Trial Balance December 31, 2018 Credit Cash Debit 238.000 80,000 $ 5,000 24,000 200,000 800,000 250,000 300,000 Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Land Buildings Accumulated Depreciation of Buildings Equipment Accumulated Depreciation of Equipment Common Stock Retained Earnings Dues Revenue Greens Fee Revenue Rent Revenue Advertising Expense Utilities Expense Salaries and Wages Expense Maintenance Expense 50,000 500,000 440,000 400,000 842,000 330.000 75,000 100,000 600,000 400,000 2.817.000 $ S 2.817.000 2) Assume the regular transactional entries for the year have already been recorded leading to the account balances in the trial balance above. However, assume that the following transactions were overlooked and not previously recorded by the company during the year. These are regular transactional entries, not adjusting entries). Record the journal entries for these transactions and then post them to your T-accounts (or ledger), a) On February 1, the company paid cash to purchase supplies for $12,000. The company's policy is to record the purchase of supplies in an expense account at the time of purchase. b) On September 1, an additional building was purchased for $300,000 and additional equipment was purchased for $100,000. The company made a 10% down payment of the total purchase price, and signed a l-year, 5% note payable for the remaining balance. Make one compound entry c) On December 1, dividends of $10,000 were declared. (Note: Payment of the dividends will be made at a later date the following year. Hint: Be precise with the account name that is credited) 3) Record the adjusting journal entries listed below (see letters entries to T-accounts for the ledger Create new accounts, as needed below (see letters and then post those adjusting adjusting entries at year-end only.) Be sure to SHOW requires a calculation is any adiustine entry for which you add ounts, as needed. (Again, the company prepares * sure to SHOW YOUR CALCULATIONS for each adjusting entry that There will be a deduction for each caleulation that to the entry or on a separate page. (Note: Adjusting entri dd, subtract, multiply. or divide numbers). Si caleulation that is missing. Those calculations can appear beneath or next then, only after the journal entries have been prepared, shoul te page. (Note: Adiusting entries should always be made in journal form first, and When your posting is complete, be sure to show entries have been prepared, should they be posted to T-accounts (ledger accounts). complete, be sure to show ending balances in each T-account (ledger account). a) The amount for prepaid insurance relates to payment for one year of insurance coverage paid for on May Ist of the current year. The insurance coverage began on that date b) It is estimated that 15% of the accounts receivable will be uncollectible. c) The rent revenue represents the amount received for 11 months for dining facilities. The same monthly amount is owed from customers for December, but that rent has not yet been received (Note: Be specific/descriptive in the account name for the account debited in this entry.) a) The company paid $75,000 in October for several months of television and radio ads and recorded that amount as Advertising Expense at that time. As of December 31", $25,000 of those ads have yet to run e) or the $400,000 of Dues Revenue on the trial balance, 10% of that amount is considered to be received in advance' (i.e., services have not been performed for that portion, yet). Property taxes incurred but not yet paid amount to $60,000. (Be specific in both account names here.) B) or the supplies purchased in 2) above, $5,000 worth were unused as of December 31" h) The building referred to in 2b) above has an estimated useful life of 30 years and an estimated salvage value of $75,000. Use the straight-line method to record depreciation for 2018. (Note: Assume for simplicity that depreciation was already recorded for all other buildings you only have to record depreciation for this new building.) i) The equipment referred to in 25) above has an estimated salvage value of $10,000 and is depreciated at a rate of 10% per year. Record depreciation for 2018. (Note: Assume depreciation was already recorded for all other equipment; you only have to record depreciation for this new equipment.) 1) Record the accrued interest on the note from the September Ist transaction from 2b) above. 4) Using your updated balances in your T-accounts (or ledger) prepare the year-end income statement, statement of retained earnings, and balance sheet for 2018. Be sure to use proper form in preparing your financial statements, including proper headings and dating or the financials, Page 4-10 (Single-Step Income Statement), p. 3.36 (Statement of Retained Earnings), and p. 3-37 (Balance Sheet) provide good examples to follow for this requirement (but obviously, you will have some different account names than the examples provided in the text). For your balance sheet, be sure to use your updated retained earnings balance from your statement of retained earnings since you have not prepared closing entries, yet. For your income statement, be sure to list each revenue and expense account, but do not worry about computing income tax expense. 5) Prepare closing entries (using compound entries where appropriate) and post them to your T-accounts (or ledger). Put these journal entries on a separate page from your adjusting journal entries and label them. "Closing Entries. (When posting, be sure to create a T-account or ledger account for Income Summary.) 6) Place your name at the top right comer of every page and make sure that each part is clearly and precisely identified. Your submission should be neatly prepared and free of spelling mistakes, and please note that points can be deducted for unprofessional / non-neat work and/or for multiple spelling mistakes. Arrange all your work in the following order (and please note that points will be deducted if items are not submitted in this order): 1) The three additional regular transactional entries, 2) Adjusting entries, 3) Income statement, 4) Statement of retained earnings. 5) Balance sheet. 6) Closing entries, and T-accounts or general ledger accounts. [Note: You can combine more than one financial statement on one page if you wish --- assuming they'fit' on one page and it is clearly readable and not too small.) Do not use a report cover, simply staple once in the upper left hand corner