Reference no: EM131818131

Presented below is the unadjusted 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

(a) Enter the unadjusted balances in ledger accounts.

(b) From the trial balance and the information given below, prepare annual adjusting entries and post to the ledger accounts. (Omit explanations. Draw in T-accounts as necessary.)

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 trail balance.

(d) Prepare and income statement.

(e) Prepare a statement of retained earnings.

(f) Prepare a balance sheet.

(g) Prepare closing entries. Post these to the ledger accounts.

(h) Prepare a post-closing trail balance.