Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 9.00

Crestwood Golf Club, Inc

P-9 Presented below is the trial balance of the Crestwood Golf Club, Inc. as of December 31. The books are closed annually on December 31.

CRESTWOOD GOLF CLUB, INC.
TRIAL BALANCE
DECEMBER 31
 

Debit

Credit

Cash

$15,000

  

Accounts Receivable

13,000

  

Allowance for Doubtful Accounts

  

1,100

Prepaid Insurance

9,000

  

Land

$350,000

  

Buildings

120,000

  

Accumulated Depreciation—Buildings

  

38,400

Equipment

150,000

  

Accumulated Depreciation—Equipment

  

70,000

Common Stock

  

$400,000

Retained Earnings

  

$82,000

Dues Revenue

  

200,000

Green Fees Revenue

  

5,900

Rent Revenue

  

17,600

Utilities Expenses

54,000

  

Salaries and Wages Expense

80,000

  

Maintenance and Repairs Expense

24,000

  
 

$815,000

$815,000

Instructions

(a) Enter the balances in ledger accounts. Allow five lines for each account.

(b) From the trial balance and the information given below, prepare annual adjusting entries and post to the ledger accounts. (Omit explanations.)

(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 $3,500.

(4) The rent revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been received.

(5) It is estimated that 12% of the accounts receivable will be uncollectible.

(6) Salaries and wages earned but not paid by December 31, $3,600.

(7) Dues received in advance from members $8,900.

(c) Prepare an adjusted trial balance.

(d) Prepare closing entries and post.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 10:09 PM My Price 9.00

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