Presented below is the trial balance of First Landing Golf Club as of December 31, 2021. The books are closed annually on December 31. First Landing Golf Club Trial Balance December 31, 2021 Cash Accounts Receivable - Members Unadjusted Debit Credit 46,321 6,320 243 Allowance for Doubtful Accounts Rent Receivable Prepaid Insurance 9,000 Shop Supplies 4,620 Land 342,000 Buildings 120,000 Accumulated Depreciation - Buildings 40,000 Equipment 160,000 Accumulated Depreciation - Equipment 80,000 Interest Payable Salaries and Wages Payable Unearned Dues Note Payable Common Stock Retained Earnings Dues Revenue Green Fees Revenue Rent Revenue Bad Debt Expense Depreciation Expense - Buildings Depreciation Expense - Equipment Insurance Expense Interest Expense Maintenance/grounds Expense 84,320 60,000 280,000 119,626 252,300 75,261 20,900 Salaries and Wages Expense 93,240 Shop Supplies Expense Repairs Expenses Utilities Expense Income Summary TOTALS 24,365 37,658 928,087 928,087 The following information is available for First Landing Golf Club at December 31. Prepare adjusting journal entries for First Landing Golf Club based on the trial balance and the following information. a. The buildings have an estimated life of 25 years with no salvage value and are depreciated using the straight-line method. b. The equipment is depreciated over ten years using the straight-line method. The expected residual value of the equipment is $0. c. The prepaid insurance account should have an adjusted balance of $2,460. d. The rent revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been received. e. It is estimated that 10% of the accounts receivable will be uncollectible. f. Employees had earned $3,750, by December 31, for which they had not been paid. g. Dues received in advance from members, $3,980 were recorded as Dues Revenue. h. The note payable of $60,000 was issued on April 1, 2021, with interest of 5% and is due April 1, 2022. i. Shop supplies remaining as of December 31 were $451. Requirements: 1. (5 point) Using Excel, setup a worksheet for First Landing Golf Club with columns for the unadjusted trial balance, adjusting journal entries, adjusted trial balance, closing entries, and post-closing trial balance. (See Figure 1 for an example). Name your file using the following format: first initial_last name_FLGC_ACCT305. 2. (5 points) Transfer unadjusted balances to the worksheet, use formulas to ensure columns balance across worksheet. (see Figure 1 for an example) 3. (18 points) Set up a general journal sheet in your file to record the adjusting journal entries and then post them to worksheet. 4. (12 points) Using formulas, complete the adjusted trial balance columns. (See Figures 2 and 3 as a guide for creating formulas. Note that each cell in the debit and credit column should contain a formula, but there should only be one balance per account. 5. (10 point) Continue using the general journal sheet to record your closing entries and post to the worksheet. (Net income = $68,414) 6. (10 points) Complete worksheet by preparing post-closing trial balance. Use formulas! (NOTE: Us formula similar to ones created in Req. 4. Debit column IF(B7+D7-C7-E7+H7-17>0,+B7+D7-C7-E7+H7-17, """), credit column IF(B7+D7-C7-E7+H7-17>0,(+B7+D7-C7-E7+H7-17)*-1, "") Unadjusted Adjusting Adjusted Closing Post-Closing Accounts Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 34,300 34,300 34,300 Accounts Receivable 20,700 20,700 20,700 Supplies 2,700 1600 1,100 1,100 Equipment 20,000 20,000 20,000 Accumulated Depreciation 4,800 4800 9,600 9,600 Accounts Payable 2,800 2,800 2,800 Utilities Payable 0 Deferred Revenue Common Stock (Dividends) 6800 5400 1,400 1,400 26,000 26,000 26,000 Retained Earnings 7,300 7,300 29,000 36,300 Plumbing Services 69,000 5400 74,400 74,400 Depreciation Expense 4800 4,800 4,800 Salaries Expense 31400 31,400 31,400 Supplies Expense Utilities Expense 1600 7600 1,600 1,600 - 7,600 7,600 Income Summary 45,400 74,400 Totals 116,700 116,700 11,800 11,800 121,500 121,500 148,800 148,800 76,100 76,10C Fi Sample formula: =SUM(B3:B33) Unadjusted Accounts Debit Credit Adjusting Debit Credit Adjusted Closing Post-Closing Debit Credit Debit Credit Debit Credit Cash 34,300 34,300 34,300 Accounts Receivable 20,700 20,700 20,700 Supplies 2,700 1600 1,100 1,100 Equipment 20,000 20,000 20,000 Accumulated Depreciation 4,800 4800 9,600 9,600 Accounts Payable 2,800 2,800 2,800 Utilities Payable 0 Deferred Revenue Common Stock (Dividends) 6800 5400 1,400 1,400 26,000 26,000 26,000 Retained Earnings Plumbing Services Depreciation Expense Salaries Expense 31400 Supplies Expense Utilities Expense Income Summary AutoSave File Home Insert Page Layout Formul Totals 116,700 116,700 11,800 11, - 7,300 69,000 5400 7,300 74,400 29,000 36,300 74,400 4800 4,800 4,800 31,400 31,400 1600 7600 1,600 1,600 7,600 7,600 Calibri =IF(+C3+E3-D3-F3>0,+C3+E3-D3-F3," ") Format Pr D 1 Trial Balance +F{+C3+E3-03-F3+Q+C3+E3-03-F3,** Fogical_test value true) [value_false) Adjusting Entries H 2 Debit Credit Debit Credit Adjusted Trial Balance Debit Credit Debit Closing Entries Cred 3 1 2 F3,"") 4 4 3 2 3 5 6 Unadjusted Adjusting Adjusted Accounts Debit Credit Debit Credit Debit Cash 34,300 34,300 Accounts Receivable 20,700 20,700 Supplies 2,700 1600 1,100 Equipment 20,000 20,000 Accumulated Depreciation 4,800 4800 9,600 Accounts Payable 2,800 2,800 Utilities Payable 0 Deferred Revenue 6800 5400 Common Stock (Dividends) 26,000 7,300 Closing Post-Closing Credit Debit Credit Debit Credit 34,300 20,700 1,100 20,000 9,600 2,800 ,400 26,000 7,300 74,400 29,000 74,400 1,400 26,000 36,300 Retained Earnings Plumbing Services 69,000 5400 Depreciation Expense AutoSave o Part 2 Trial balance for Salaries Expense 31400 File Home Insert Page Layout Formulas Data Review View Help Acrobat O Search Cut Supplies Expense Copy =IF(C3+E3-D3-F3 <0, (C3+E3-D3-F3)*-1," ") Paste Utilities Expense BIU 7600 Format Painter Clipboard E Alignment Number Income Summary =IF(C3+E3-D3-F3 <0,(C3+E3-D3-F3)*-1,"") C D E Totals 116,700 116, 1 Trial Balance 2 Debit Credit F Adjusting Entries Debit Credit G Adjusted Trial Balance Debit Credit H K Debit Closing Entries Credit Post closing Trial Balance Debit Credit 3 1 2 3 4 4 3 2 3 5 6 7 76,10C