Presented below is the trial balance of the Whispering Golf Club, Inc. as of December 31. The books are closed annually on December 31. WHISPERING GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31 Debit Credit Cash $17,150 Accounts Receivable 15,000 Allowance for Doubtful Accounts $1,100 Prepaid Insurance 9,390 Land 370,400 Buildings 120,000 Accumulated Depreciation-Buildings 37,217 Equipment 183,900 Accumulated Depreciation-Equipment 68,590 Common Stock 379,100 Retained Earnings 159,155 Dues Revenue 217,000 Accumulated Depreciation-Equipment 68,590 Common Stock 379,100 Retained Earnings Dues Revenue Green Fees Revenue 159,155 217,000 5,878 Rent Revenue 16,500 Utilities Expenses 56,310 Salaries and Wages Expense 83,890 Maintenance and Repairs Expense 28,500 $884,540 $884,540 Post adjusting entries to the ledger accounts. (Post entries in the order as displayed in the part above.) Cash Bal. 17,150 Bal. Accounts Receivable 15,000 Allow. for Doubtful Accts. Bal. Land Bal. 370,400 Buildings Bal. 120,000 Accum. Depr.-Buildings 1,100 Bal. 37,217 Bal. Common Stock Bal. Retained Earnings Bal. Dues Revenue Bal. 379,100 159,155 217,000 Green Fees Revenue 5,878 Bal. Rent Revenue Bal. 16,500 Utilities Expenses 56,310 Bad Debt Expense Bal. Unearned Dues Revenue Salaries and Wages Expense 83,890 Bal. Maintenance and Repairs Expense 28,500 Depreciation Expense Accum. Depr.-Equipment Bal. 68,590 Insurance Expense Prepare an adjusted trial balance. WHISPERING GOLF CLUB, INC. Adjusted Trial Balance December 31, XXXX Debit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Dividends Salaries and Wages Expense Depreciation Expense Insurance Expense 40 17150 Credit Insurance Expense) Supplies Expense Utilities Expenses Interest Expense Accumulated Depreciation-Building Accounts Payable Salaries and Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings Service Revenue Interest Payable Notes Payable Common Stock Retained Earnings Service Revenue 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.) No. Account Titles and Explanation 1. 2. (To close revenue accounts) Debit Credit 3 (To close expense accounts) (To close net income/(loss)) Post closing entries. (Post entries in the order of journal entries presented in the previous part.) Cash Bal. Bal. 17,150 Accounts Receivable 15,000 Allow. for Doubtful Accts. Bal. 1,100 Adj. 700 1,800 Land Bal. 370,400 Buildings Bal. 120,000 Accum. Depr.-Buildings Bal. 37,217 Adj. 4,000 41,217 Adj. Bal. Rent Receivable 1,500 Salaries and Wages Payable Adj. Equipment 183,900 Prepaid Insurance 9,390 Adj. Bal. 5,950 Common Stock Bal. Retained Earnings Bal. Dues Revenue 41,217 3,820 3,440 379,100 159,155 Adj. Dues Revenue 9,052 Bal. Green Fees Revenue Bal. Rent Revenue 217,000 5,878 Bal. 16,500 Adj. 1,500 Bal. Adj. Utilities Expenses 56,310 Bad Debt Expense 700 4 Bal. Adj. Bal. Unearned Dues Revenue Adj. Salaries and Wages Expense 83,890 3,820 Maintenance and Repairs Expense 28,500 Depreciation Expense 4,000 Adj. Adj. 18,390 9,052 Accum. Depr.-Equipment Bal. 68,590 Adj. 18,390 86,980 Insurance Expense Adj. 3,440 Income Summary