bo Credit 14 Unadjusted Debit 15,000 13,000 1,100 11 CI 9,000 3,600 350,000 120,000 40,000 150,000 cel 70,000 Cash Accounts Receivable - Members Allowance for Doubtful Accounts Rent Receivable I Prepaid Insurance Shop Supplies Land Buildings Accumulated Depreciation - Buildings Equipment Accumulated Depreciation - Equipment Interest Payable Salaries and Wages Payable Unearned Dues Note Payable Common Stock Retained Earnings Dues Revenue Green Fees Revenue Rent Revenue Bad Debt Expense Depreciation Expense - Buildings Depreciation Expense - Equipment Insurance Expense Interest Expense Salaries and Wages Expense Shop Supplies Expense Utilities Expenses 100,000 300,000 82,000 200,000 7,900 17,600 la 80,000 54,000 24,000 Maintenance and Repairs Expense Income Summary TOTALS 318.600 818.600 Presented below is the trial balance of First Landing Golf Club as of December 31, 2020. The books are Iclosed annually on December 31 The following additional information is avallable for First Landing Golf Club at December 31, 2020 Prepare adjusting Journal entries for First Landing Golf Club based on the trial balance and the following information a. The buildings have an estimated life of 30 years with no salvage value (straight-line methodl b. The equipment is depreciated over ten years using the straight line method. Insurance expired during the year totaled $4,000. d. The rent revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been received e. It is estimated that 15% of the Accounts Receivable will be uncollectible. Employees had earned $3,800, by December 31, for which they had not been paid. 8. Dues received in advance from members, $8,100 were recorded as Dues Revenue. h. The note payable of $100,000 was issued on April 1, 2020, with interest of 5% and is due April 1, 2021 Shop supplies remaining at December 31 were $900. Sel Requirements: 1. (2 points) Using Excel, setup a worksheet for First Landing Golf Club with columns for the unadjusted trial balance, adjusting journal entries, adjusted trial balance, closing entries, and post-closing trial balance - all formatted with numbers rounded to nearest dollar. (See Figure 1 for an example) 2. (2 points) Transfer unadjusted balances to the worksheet, use formulas to ensure columns balance across worksheet. (See Figure 1 for an example) 3. (18 points) Prepare adjusting journal entries using the included general journal worksheet and then post the entries to worksheet. 4. (6 points) Using formulas, complete the adjusted trial balance columns. (See Figures 2 and 3 as a guide for creating formulas. Note that each cell in the debit and credit column will contain a formula, but there should only be one balance per account.) - No formulas, no points 5. 16 points) Prepare closing entries and post to the worksheet (Check tl - Net income = $26,900) 6. (6 points) Complete worksheet by preparing post-closing trial balance Use formulas! (NOTE: Use formulas similar to ones created in Req. 4. Debit column=F(B7-07-C7-E7+H7-17>0,+B7+D7-C7- E7+H7-17, ""), credit column=tF(87-07-C7-E7+H7-17>0, (+37+07-C7-E7+H747)* 1.*)-again, no formulas, no points Debit Credit Closing De Creet 1600 Unated Deba CR 34300 20,00 2,700 20.000 4,200 200 AD 300 2.000 Austed Det Credit 38300 20,700 1.100 20,000 9.600 2.100 Pot-Oosing Debit Credit 34.00 20,700 1.100 20,000 9.500 2,000 Accounts Cash Account Receivable Supplies Equipmen Acolated Deprecation Account Payable Us Payable Deferred Revenge Commen Stock (Divide) Retained as Plumbing Services Deprecationem Salaries Ente les tense U EN income Summy ANO SO 1.000 26,000 1,400 2,300 000 29.000 1.100 4450 74400 ROD 11400 1600 4300 31.400 1400 7.500 4,100 31.400 1600 TO 24.400 7500 45.400 29.000 Total STO JUR 1900 12 Sample formula: =SUM(B3:833) Aute CO Account O De C CAS Det Pon- Det 34300 20700 1.100 20.000 TOO Uwe Der Ceot 143 20.700 2.1 20.000 NO 2.800 0 LO 2000 20000 . 2.800 R600 Suos Tovie Accumulated Deprecation Acto Payable UP Deferee Como D video fetale me Plumbing Services Deprecatione des SUD S400 1,400 26.000 1,400 26.000 2. 000 1,100 14.00 14.00 UND 100 4500 1400 DO 11.00 1.600 1600 TO Income -1F*C3-03-03-F3>0,C3263-03-F3,"") bo Credit 14 Unadjusted Debit 15,000 13,000 1,100 11 CI 9,000 3,600 350,000 120,000 40,000 150,000 cel 70,000 Cash Accounts Receivable - Members Allowance for Doubtful Accounts Rent Receivable I Prepaid Insurance Shop Supplies Land Buildings Accumulated Depreciation - Buildings Equipment Accumulated Depreciation - Equipment Interest Payable Salaries and Wages Payable Unearned Dues Note Payable Common Stock Retained Earnings Dues Revenue Green Fees Revenue Rent Revenue Bad Debt Expense Depreciation Expense - Buildings Depreciation Expense - Equipment Insurance Expense Interest Expense Salaries and Wages Expense Shop Supplies Expense Utilities Expenses 100,000 300,000 82,000 200,000 7,900 17,600 la 80,000 54,000 24,000 Maintenance and Repairs Expense Income Summary TOTALS 318.600 818.600 Presented below is the trial balance of First Landing Golf Club as of December 31, 2020. The books are Iclosed annually on December 31 The following additional information is avallable for First Landing Golf Club at December 31, 2020 Prepare adjusting Journal entries for First Landing Golf Club based on the trial balance and the following information a. The buildings have an estimated life of 30 years with no salvage value (straight-line methodl b. The equipment is depreciated over ten years using the straight line method. Insurance expired during the year totaled $4,000. d. The rent revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been received e. It is estimated that 15% of the Accounts Receivable will be uncollectible. Employees had earned $3,800, by December 31, for which they had not been paid. 8. Dues received in advance from members, $8,100 were recorded as Dues Revenue. h. The note payable of $100,000 was issued on April 1, 2020, with interest of 5% and is due April 1, 2021 Shop supplies remaining at December 31 were $900. Sel Requirements: 1. (2 points) Using Excel, setup a worksheet for First Landing Golf Club with columns for the unadjusted trial balance, adjusting journal entries, adjusted trial balance, closing entries, and post-closing trial balance - all formatted with numbers rounded to nearest dollar. (See Figure 1 for an example) 2. (2 points) Transfer unadjusted balances to the worksheet, use formulas to ensure columns balance across worksheet. (See Figure 1 for an example) 3. (18 points) Prepare adjusting journal entries using the included general journal worksheet and then post the entries to worksheet. 4. (6 points) Using formulas, complete the adjusted trial balance columns. (See Figures 2 and 3 as a guide for creating formulas. Note that each cell in the debit and credit column will contain a formula, but there should only be one balance per account.) - No formulas, no points 5. 16 points) Prepare closing entries and post to the worksheet (Check tl - Net income = $26,900) 6. (6 points) Complete worksheet by preparing post-closing trial balance Use formulas! (NOTE: Use formulas similar to ones created in Req. 4. Debit column=F(B7-07-C7-E7+H7-17>0,+B7+D7-C7- E7+H7-17, ""), credit column=tF(87-07-C7-E7+H7-17>0, (+37+07-C7-E7+H747)* 1.*)-again, no formulas, no points Debit Credit Closing De Creet 1600 Unated Deba CR 34300 20,00 2,700 20.000 4,200 200 AD 300 2.000 Austed Det Credit 38300 20,700 1.100 20,000 9.600 2.100 Pot-Oosing Debit Credit 34.00 20,700 1.100 20,000 9.500 2,000 Accounts Cash Account Receivable Supplies Equipmen Acolated Deprecation Account Payable Us Payable Deferred Revenge Commen Stock (Divide) Retained as Plumbing Services Deprecationem Salaries Ente les tense U EN income Summy ANO SO 1.000 26,000 1,400 2,300 000 29.000 1.100 4450 74400 ROD 11400 1600 4300 31.400 1400 7.500 4,100 31.400 1600 TO 24.400 7500 45.400 29.000 Total STO JUR 1900 12 Sample formula: =SUM(B3:833) Aute CO Account O De C CAS Det Pon- Det 34300 20700 1.100 20.000 TOO Uwe Der Ceot 143 20.700 2.1 20.000 NO 2.800 0 LO 2000 20000 . 2.800 R600 Suos Tovie Accumulated Deprecation Acto Payable UP Deferee Como D video fetale me Plumbing Services Deprecatione des SUD S400 1,400 26.000 1,400 26.000 2. 000 1,100 14.00 14.00 UND 100 4500 1400 DO 11.00 1.600 1600 TO Income -1F*C3-03-03-F3>0,C3263-03-F3,"")