Problem 3-9 Presented below is the trial balance of the Flint Golf Club, Inc. as of December 31. The books are closed annually on December 31. FLINT 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 48,000 Equipment 178,700 Accumulated Depreciation-Equipment 83,393 Common Stock 384,400 Retained Earnings 157,287 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 Enter the balances in ledger accounts. Cash Accounts Receivable Allow. for Doubtful Accts. Land Buildings Accum. Depr.Buildings Equipment Prepaid Insurance Common Stock Retained Earnings Dues Revenue Green Fees Revenue Rent Revenue Utilities Expenses Salaries and Wages Expense Maintenance and Repairs Expense Accum. Depr.Equipment SHOW LIST OF ACCOUNTS 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 $3,830. (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. 2. 3. 4. 5. 6. 7. SHOW LIST OF ACCOUNTS Post 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 Land Bal. 356,300 Buildings Bal. 150,000 Accum. Depr.Buildings Bal. 48,000 Rent Receivable Salaries and Wages Payable Equipment Bal. 178,700 Prepaid Insurance Bal. 9,490 Common Stock Bal. 384,400 Retained Earnings Bal. 157,287 Dues Revenue Bal. 189,900 Green Fees Revenue Bal. 6,120 Rent Revenue Bal. 17,600 Utilities Expenses Bal. 55,180 Bad Debt Expense Unearned Dues Revenue Salaries and Wages Expense Bal. 81,910 Maintenance and Repairs Expense Bal. 25,720 Depreciation Expense Accum. Depr.Equipment Bal. 83,393 Insurance Expense SHOW LIST OF ACCOUNTS Prepare an adjusted trial balance. FLINT GOLF CLUB, INC. Adjusted Trial Balance December 31, XXXX Debit Credit $ $ $ $ SHOW LIST OF ACCOUNTS 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)) SHOW LIST OF ACCOUNTS Post closing entries. Cash Bal. 15,900 Accounts Receivable Bal. 14,700 Allow. for Doubtful Accts. Bal. 1,200 Adj. 564 1,764 Land Bal. 356,300 Buildings Bal. 150,000 Accum. Depr.Buildings Bal. 48,000 Adj. 5,000 53,000 Rent Receivable Adj. 1,600 Salaries and Wages Payable Adj. 3,638 Equipment Bal. 178,700 Prepaid Insurance Bal. 9,490 Adj. 3,830 5,660 Common Stock Bal. 384,400 Retained Earnings Bal. 157,287 Dues Revenue Adj. 8,859 Bal. 189,900 Green Fees Revenue Bal. 6,120 Rent Revenue Bal. 17,600 Adj. 1,600 Utilities Expenses Bal. 55,180 Bad Debt Expense Adj. 564 Unearned Dues Revenue Adj. 8,859 Salaries and Wages Expense Bal. 81,910 Adj. 3,638 Maintenance and Repairs Expense Bal. 25,720 Depreciation Expense Adj. 22,870 Accum. Depr.Equipment Bal. 83,393 Adj. 17,870 101,263 Insurance Expense Adj. 3,830 Income Summary