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

TAMARISK GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31
		Debit			Credit
Cash		$16,790
Accounts Receivable		14,900
Allowance for Doubtful Accounts					$1,200
Prepaid Insurance		8,950
Land		354,100
Buildings		120,000
Accumulated Depreciation-Buildings					38,400
Equipment		196,200
Accumulated Depreciation-Equipment					91,560
Common Stock					394,700
Retained Earnings					143,255
Dues Revenue					189,200
Green Fees Revenue					5,655
Rent Revenue					16,500
Utilities Expenses		59,120
Salaries and Wages Expense		81,950
Maintenance and Repairs Expense		28,460
		$880,470			$880,470

Enter the balances in ledger accounts.

Cash
Bal.		Bal.
Accounts Receivable
Bal.		Bal.
Allow. for Doubtful Accts.
Bal.		Bal.
Land
Bal.		Bal.
Buildings
Bal.		Bal.
Accum. Depr.Buildings
Bal.		Bal.
Equipment
Bal.		Bal.
Prepaid Insurance
Bal.		Bal.
Common Stock
Bal.		Bal.
Retained Earnings
Bal.		Bal.
Dues Revenue
Bal.		Bal.
Green Fees Revenue
Bal.		Bal.
Rent Revenue
Bal.		Bal.
Utilities Expenses
Bal.		Bal.
Salaries and Wages Expense
Bal.		Bal.
Maintenance and Repairs Expense
Bal.		Bal.
Accum. Depr.Equipment
Bal.		Bal.

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.)

(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 $3,440.
(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, $3,853.
(7)		Dues received in advance from members $8,716, were recorded as Dues Revenue.

No.	Account Titles and Explanation	Debit	Credit
1.
2.
3.
4.
5.
6.
7.

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

Cash
Bal.	16,790
Accounts Receivable
Bal.	14,900
Allow. for Doubtful Accts.
Adj.		Bal.	1,200
Adj.		Adj.
Land
Bal.	354,100
Buildings
Bal.	120,000
Accum. Depr.Buildings
Adj.		Bal.	38,400
Adj.		Adj.
Rent Receivable
Adj.		Adj.
Salaries and Wages Payable
Adj.		Adj.
Equipment
Bal.	196,200
Prepaid Insurance
Bal.	8,950	Adj.
Common Stock
		Bal.	394,700
Retained Earnings
		Bal.	143,255
Dues Revenue
Adj.		Bal.	189,200
Green Fees Revenue
		Bal.	5,655
Rent Revenue
Adj.		Bal.	16,500
Adj.		Adj.
Utilities Expenses
Bal.	59,120
Bad Debt Expense
Adj.		Adj.
Unearned Dues Revenue
Adj.		Adj.
Salaries and Wages Expense
Bal.	81,950	Adj.
Adj.		Adj.
Maintenance and Repairs Expense
Bal.	28,460
Depreciation Expense
Adj.		Adj.
Adj.		Adj.
Accum. Depr.Equipment
Adj.		Bal.	91,560
Adj.		Adj.
Insurance Expense
Adj.		Adj.

Prepare an adjusted trial balance.

TAMARISK GOLF CLUB, INC. Adjusted Trial Balance December 31, XXXX
	Debit	Credit
	$	$
	$	$

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 0 for the amounts.)

No.	Account Titles and Explanation	Debit	Credit
1.
	(To close revenue accounts)
2.
	(To close expense accounts)
3.
	(To close net income / (loss))

Post closing entries.

Cash
Bal.	16,790
Accounts Receivable
Bal.	14,900
Allow. for Doubtful Accts.
		Bal.	1,200
		Adj.	588
			1,788
Land
Bal.	354,100
Buildings
Bal.	120,000
Accum. Depr.Buildings
		Bal.	38,400
		Adj.	4,000
			42,400
Rent Receivable
Adj.	1,500
Salaries and Wages Payable
		Adj.	3,853
Equipment
Bal.	196,200
Prepaid Insurance
Bal.	8,950	Adj.	3,440
	5,510
Common Stock
		Bal.	394,700
Retained Earnings
Close Exp. Inc. Rev.		Bal.	143,255
Close Exp. Inc. Rev.		Close Exp. Inc. Rev.
Bal. Close Exp. Inc. Rev.		Bal. Close Exp. Inc. Rev.
Dues Revenue
Adj.	8,716	Bal.	189,200
Close Exp. Inc. Rev.		Close Exp. Inc. Rev.
Green Fees Revenue
Close Exp. Inc. Rev.		Bal.	5,655
Rent Revenue
Close Exp. Inc. Rev.		Bal.	16,500
Close Exp. Inc. Rev.		Adj.	1,500
Utilities Expenses
Bal.	59,120	Close Exp. Inc. Rev.
Bad Debt Expense
Adj.	588	Close Exp. Inc. Rev.
Unearned Dues Revenue
		Adj.	8,716
Salaries and Wages Expense
Bal.	81,950	Close Exp. Inc. Rev.
Adj.	3,853	Close Exp. Inc. Rev.
Maintenance and Repairs Expense
Bal.	28,460	Close Exp. Inc. Rev.