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Problem 3-09 Presented below is the trial balance of the Metlock Golf Club, Inc. as of December 31. The books are closed annually on December
Problem 3-09 Presented below is the trial balance of the Metlock Golf Club, Inc. as of December 31. The books are closed annually on December 31. Credit $1,000 35,332 METLOCK GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31 Debit Cash $17,880 Accounts Receivable 17,800 Allowance for Doubtful Accounts Prepaid Insurance 9,780 Land 355,200 Buildings 120,000 Accumulated Depreciation-Buildings Equipment 196,000 Accumulated Depreciation Equipment Common Stock Retained Earnings Dues Revenue Green Fees Revenue Rent Revenue Utilities Expenses 56,660 Salaries and Wages Expense 81,800 Maintenance and Repairs Expense 27,710 $882,830 72,330 437,500 109,113 203,800 6,155 17,600 $882,830 From the trial balance and the information given below, prepare annual adjusting entries. (Credit account cities 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.) (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 $3,780. (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, $3,357 (7) Dues received in advance from members $9,385, were recorded as Dues Revenue
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