PLEASE TYPE THE FOLLOWING T ACCOUNTS AS WELL
Pou l Cadill. SPECIFIC REQUIREMENTS: Close books once a year only: 1) Provided on the next page is the trial balance of the RoyalCrest Golf Club, Inc. as of December 31, 2019. They prepare adjusting entries and close their books annually on December 31". Create T-accounts (or general ledger accounts) for each account listed in the trial balance, and enter the balances from the trial balance into your T-accounts (or general ledger accounts) --- and allow a few lines per account. (FYI: I recommend using T-accounts due to their simplicity, but the choice is yours.) In order to save paper, you can place multiple T-accounts (or ledger accounts) on a page. For ledger accounts you can use the standard general ledger account format as illustrated on page 3-11 (p. 11 of Ch. 3) or the T-account format illustrated on page 3-13 through 3-15 (and elsewhere) in Ch. 3. Note that you must create ONE and only one) T-account (or general ledger account for cach and every account de tot create more than one Cash T-account, more than one Retained Earnings T-account account, etc.). You will use the same T-accounts for posting regular transactional entries, adjusting entries, and closing entries. Also, to the extent possible, organize your T-accounts (or bene nts (or general ledger accounts) so that Assets are Assets are together, Liabilities are toesther Please note that the assumption in this problem is that the regular (transactional) entries have ALREADY been recorded and posted to the T-accounts for general ledger), and the trial balance below reflects that fact. Therefore you do not have to record the original journal entries that resulted in the balances shown in the trial balance and in fact, there is no way that you would be able to figure out what those journal entries were just by looking at the trial balance, anyway) RoyalCrest Golf Club, Inc. Trial Balance December 31, 2019 Debit Credit Cash 140,000 Accounts Receivable 40,000 Allowance for Doubtful Accounts $ 1.000 Prepaid Insurance 48,000 Land 200,000 Buildings 900,000 Accumulated Depreciation of Buildings 200,000 Equipment 300,000 Accumulated Depreciation of Equipment 100,000 Common Stock 800,000 Retained Earnings 217,000 Dues Revenue 300,000 Greens Fee Revenue 775,000 Rent Revenue 220,000 Advertising Expense 75,000 Utilities Expense 230,000 Salaries and Wages Expense 400,000 Maintenance Expense 280.000 2.613,000 S 2.613,000 Labe LARO + 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, nos adjusting entries). Record the iournal entries for these transactions and then post them to your T-accounts (or ledger), (Note: Use/create account names that are not already listed on the trial balance, as needed.) a) On February 1, the company paid cash to purchase supplies for $6,000. 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 $400,000 and additional equipment was purchased for $100,000. The company made a 20% down payment of the total purchase price, and signed a 1-year, 6% note payable for the remaining balance. Make one compound entry, c) On December 1. dividends of S15.000 were declared. (Note: Payment of the dividends will be made at later date the following year. Hint: Be precise with the account name that is credited.) account for each and every account de l a chansone Cash T-account, more than one Retained Count, You will be stregular c a can closing entries. Also to the extent messag e our counts (or general ledger accounts) that Assets are together, Liabilities are together sle. Please note that the assumption in this problem is that the regular' (transactional) entries have ALREADY been recorded and posted to the T-accounts for general ledger), and the trial balance below reflects that therefore you do not have to record the original journal entries that resulted in the balances shown in the trial balance and in fact, there is no way that you would be able to figure out what those journal entries were just by looking at the trial balance, anyway.) RoyalCrest Colf Club, Inc. Trial Balance December 31, 2019 Debit Credit Cash 140,000 Accounts Receivable 40,000 Allowance for Doubtful Accounts $ 1,000 Prepaid Insurance 48.000 Land 200.000 Buildings 900,000 Accumulated Depreciation of Buildings 200.000 Equipment 300,000 Accumulated Depreciation of Equipment 100,000 Common Stock 800,000 Retained Earnings 217,000 Dues Revenue 300,000 Greens Fee Revenue 775.000 Rent Revenue 220,000 Advertising Expense 75.000 Utilities Expense 230,000 Salaries and Wages Expense 400,000 Maintenance Expense 280,000 $ 2,613,000 $ 2,613,000 La wala +24 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). (Note: Use/create account names that are not already listed on the trial balance, as needed.) a) On February 1, the company paid cash to purchase supplies for $6,000. 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 $400,000 and additional equipment was purchased for $100,000. The company made a 20% down payment of the total purchase price, and signed a 1-year, 6% note payable for the remaining balance. Make one compound entry. c) On December 1, dividends of $15,000 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.)
