Presented below Is the trial balance of the Mar$$gold Golt Club, Inc. as of December $31.$ I he books are closed annually on December From the trial balance and the information given below, prepare annual adjusting entries. $($Credit account titles are automatically

indented when amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter $0$ for the

amounts. List all debit entries before credit entries.$)$

$(1)$ 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 $$3,170.$

$(4)$ 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,$$$3,707.$

$(7)$ Dues received in advance from members $$8,422$ were recorded as Dues Revenue.

No$.$ Account Titles and Explanation

Debit

Credit

accumulated del

Accumulated Depreciation$-$Equipment

MARIGOLD GOLF CLUB, INC.

Adjusted Trial Balance

December $31,$ XXXX

$

$5$ Prepare closing entries. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is

required, select $"$No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.$)$

No$.$ Account Titles and Explanation

$($To close revenue accounts$)$

$($To close expense accounts$)$

$($To close net income $/($loss$))$