Use the following TRANSACTIONS AND ADDITIONAL INFORMATION to complete the General Journal, Ledger, Worksheet and Financial Statements for the first month of operations for The Golf Club. Use the Perpetual Inventory method as discussed in class for all sales of merchandise.

TRANSACTIONS

TRANSACTION #	DATE	TRANSACTION DESCRIPTION
1	Jan 1	At the beginning of January, three sisters organized The Golf Club by contributing $40,000 each to begin the new business in exchange for shares of stock. Cash (A) increase $40,000 EACH debit, CS (SHE) increases $40,000 credit
2	Jan 2	Signed a one-year lease on an existing golf club and golf course for The Golf Club and made a $40,000 advance payment for the first four months rent. Prepaid rent (remember it is only for 4 months, A) increases debit, cash (A) decreases credit
3	Jan 2	The Golf Club purchased the following fixed assets, paying 20% down and giving a two-year, 6% APR, note for the balance. Principle and interest are due at maturity. Furniture..$18,300 Fixtures$5,100 Equipment...$79,200 $102,600 Hrm, separate accounts are all assets and increase debit, note payable (L) increases credit, 20% down decreases cash (A) credit
4	Jan 3	Purchased a 4-month insurance policy on The Golf Club and its contents and paid the premium of $4,000 in advance. Prepaid Insurance (A) created debit, cash (A) decreases credit
5	Jan 3	Purchased office supplies for $700 on an open account from Kellis Office Supplies. The Golf Club has 30 days to pay for the supplies. Accounts payable (L) increases $700 credit, Supplies (A) increase $700 debit
6	Jan 3	Purchased on account a total of 100 shirts with an embroidered Golf Club logo from C & C Creations at a price of $10 per shirt. These shirts are available for resale to customers. Account Payable (L) Increases credit, Inventory (shirt merch) (A) increases debit
7	Jan 3	Purchased concessions for $4,200 from Delta Distributing, Inc. These concessions consist of energy drinks, chips, crackers, nuts etc., and are available for resale to customers. The Golf Club paid 25% down and put the balance on account. Cash (A) decreases 25% credit, Inventory (A) increases full amount debit, accounts payable (L) increases 75% credit
8	Jan 3	Sold 75, twelve-month memberships to The Golf Club for $2,250 each. All membership dues were collected in cash. Cash (A) increases debit, Unearned revenue (L) increases credit
9	Jan 3	Purchased a 6-month maintenance contract with Larrys Landscaping to provide grounds maintenance. Paid $7,800 in advance for this service. Prepaid Maintenance (A) increases debit, cash (A) decreases credit
10	Jan 5	Provided 60 hours of golf lessons to members. Fees are charged at a rate of $60/hour. Of these fees, $650 was collected in cash and the balance was billed to individual members accounts. Cash (A) increases 650 debit, Accounts receivable (A) increases the rest of it debit, Service revenue (REV) increases credit which increases NI and therefore increases SHE
11	Jan 6	Received a bill for $250 from The Golf Clubs attorney for legal services rendered. Accounts payable (L) increases credit, Legal Expenses (EXP) increases debit which decreases NI and therefore decreases SHE
12	Jan 8	Sold 44 shirts to a corporate member, Allen & Associates for $22 each. Collected $450 in cash and the balance is owed to The Golf Club on account. Cash (A) increases 450 debit, Accounts receivable (A) increases the rest of it debit, sales revenue (REV) increases credit inventory decreases (perpetual method) credit, COGS (EXP) increases debit
13	Jan 14	Purchased an additional $250 in office supplies on open account from Kellis Office Supplies. Supplies (A) increases debit, accounts payable (L) increases credit
14	Jan 15	Paid wages and salaries of $2,250 to Golf Club employees. Cash (A) decreases credit, Salary expense (EXP) increases debit which will decrease (SHE)
15	Jan 15	Sold 25, twelve-month memberships to the club for $2,250 each. Collected the dues in cash. Cash increases 2,250 debit, unearned revenue (L) increases credit
16	Jan 15	The concessions stand reported sales of merchandise for $5,500 for the first half of the month. The concessions that were sold had an original cost of $2,800. All of these transactions were billed directly to each members account. Accounts receivable (A) increases debit, Sales rev (REV) increases credit inventory (merch, A) decreases (perpetual method) credit, COGS (EXP) increases debit
17	Jan 16	Purchased additional concessions for $1,800 from Delta Distributing on open account. Accounts payable (L) increases credit, inventory concessions merch (A) increases debit
18	Jan 18	Paid the total amounts due to C&C Creations, the Golf Clubs attorney and Kellis Office Supplies. Cash (A) decreases credit, accounts payable (L) decreases debit
19	Jan 19	Sold 36 of the shirts purchased on January 3 to individual customers for $30 each. Collected 30% in cash, the balance is owed to the Golf Club on account. Cash (A) increases debit, accounts receivable (A) increases debit, sales rev (REV) increases credit Inventory shirts merch (A) decreases credit, COGS (EXP) increases debit
20	Jan 22	The Golf Club declared and paid a dividend of $1,000 to each shareholder. Cash (A) decreases credit, dividends increase which decreases NI and in turn decreases SHE debit
21	Jan 26	Collected the balance of what was owed on account from Allen & Associates. Cash (A) increases debit, accounts receivable (A) decreases credit
22	Jan 28	Received a utility bill that totaled $980 for the month. It is due Feb. 14. Utility Expense (EXP) increases debit, Accounts payable (L) increases credit
23	Jan 31	Fees for golf lessons for the last half of January (billed to members accounts) = $4,680 Accounts receivable (A) increases debit, service revenue (REV) increases credit
24	Jan 31	Cash sales of shirts (8 @ $30 each) = $240. These shirts were purchased by the Golf Club on Jan. 3. Cash (A) increases debit, Sales Revenue (REV) increases credit inventory (A) decreases credit, COGS (EXP) increases debit
25	Jan 31	Sales for concessions during the last half of January (30% collected in cash) = $5,000 Cost of concessions sold from January 16-30 = $2,400 Cash (A) increases debit, Sales Revenue (REV) increases credit inventory (A) decreases credit, COGS (EXP) increases debit
26	Jan 31	Cash received during January for services billed to members accounts = $4,400 Cash (A) increases 4400 debit, accounts receivable (A) decreases credit
27	Jan 31	Cash received for visitors greens fees (fee to play the golf course) = $1,250 Cash (A) increases debit, service revenue (REV) increases credit
28	Jan 31	Purchased additional fixtures for the golf club totaling $2,650. The total amount was paid in cash. Cash (A) decreases 2650 credit, fixtures (A) increase debit

What are the adjusting entries? Additional Information: Inventory shortfalls get debited to Loss on Shrinkage. You should have a total of nine adjusting entries when you finish (depreciation counts as only one entry and loss on shrinkage counts as only one entry). Depreciate assets on straight line. Furniture and Fixtures have 5 years and Equipment has 3

What are the closing entries?