Presented below is the trial balance of the Skysong Golf Club, Inc. as of December 31. The books are closed annually on December 31.

SKYSONG GOLF CLUB, INC.

TRIAL BALANCE

DECEMBER 31

Debit Credit

Cash $15,900

Accounts Receivable 14,700

Allowance for Doubtful Accounts $1,200

Prepaid Insurance 9,490

Land 356,300

Buildings 150,000

Accumulated Depreciation-Buildings 35,104

Equipment 178,700

Accumulated Depreciation-Equipment 76,350

Common Stock 384,400

Retained Earnings 177,226

Dues Revenue 189,900

Green Fees Revenue 6,120

Rent Revenue 17,600

Utilities Expenses 55,180

Salaries and Wages Expense 81,910

Maintenance and Repairs Expense 25,720

$887,900 $887,900

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(a)

Enter the balances in ledger accounts.

Cash

Bal. 15900

Accounts Receivable

Bal. 14700

Allow. for Doubtful Accts.

Bal. 1200

Land

Bal. 356300

Buildings

Bal. 150000

Accum. Depr.Buildings

Bal. 35104

Equipment

Bal. 178700

Prepaid Insurance

Bal. 9490

Common Stock

Bal. 384400

Retained Earnings

Bal. 177226

Dues Revenue

Bal. 189900

Green Fees Revenue

Bal. 6120

Rent Revenue

Bal. 17600

Utilities Expenses

Bal. 55180

Salaries and Wages Expense

Bal. 81910

Maintenance and Repairs Expense

Bal. 25720

Accum. Depr.Equipment

Bal. 76350

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Collapse question part

(b1)

From the trial balance and the information given below, 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.)

(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 $3,830.

(4) The rent revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been received. (Use Rent Receivable account.)

(5) It is estimated that 12% of the accounts receivable will be uncollectible.

(6) Salaries and wages earned but not paid by December 31, $3,638.

(7) Dues received in advance from members $8,859, were recorded as Dues Revenue.

No. Account Titles and Explanation

Debit Credit

1. Depreciation Expense 5000

Accumulated Depreciation-Building 5000

2. Depreciation Expense 17870

Accumulated Depreciation-Equipment 17870

3. Insurance Expense 3830

Prepaid Insurance 3830

4. Rent Receivable 1600

Rent Revenue 1600

5. Bad Debt Expense 564

Allowance for Doubtful Accounts 564

6. Salaries and Wages Expense 3638

Salaries and Wages Payable 3638

7. Dues Revenue 8859

Unearned Dues Revenue 8859

SHOW LIST OF ACCOUNTS

SHOW SOLUTION

Collapse question part

(b2)

Post adjusting entries to the ledger accounts. (Post entries in the order as displayed in the part above.)

Cash

Bal. 15,900

Accounts Receivable

Bal. 14,700

Allow. for Doubtful Accts.

Bal. 1,200

Adj.

Land

Bal. 356,300

Buildings

Bal. 150,000

Accum. Depr.Buildings

Bal. 35,104

Adj.

Rent Receivable

Adj.

Salaries and Wages Payable

Adj.

Equipment

Bal. 178,700

Prepaid Insurance

Bal. 9,490 Adj.

Common Stock Bal. 384,400

Retained Earnings Bal. 177,226

Dues Revenue

Adj Bal. 189,900

Green Fees Revenue

Bal. 6,120

Rent Revenue

Bal. 17,600

Adj.

Utilities Expenses

Bal. 55,180

Bad Debt Expense

Adj.

Unearned Dues Revenue

Adj.

Salaries and Wages Expense

Bal. 81,910

Adj.

Maintenance and Repairs Expense

Bal. 25,720

Depreciation Expense

Adj.

Accum. Depr.Equipment

Bal. 76,350

Adj.

Insurance Expense

Adj.