Reference no: EM133178640
Question - The trial balance as at the corporation year end of Blue & Sand Golf Club Inc. is as follows:
Blue and Sand Golf Club Inc. Trial Balance December 31
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Debit
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Credit
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Cash
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$115,000
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Accounts Receivable
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63,000
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Allowance for doubtful accounts
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$9,000
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Land
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350,000
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Buildings
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600,000
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Accumulated depreciation - Buildings
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40,000
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Equipment
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300,000
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Accumulated depreciation - Equipment
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120,000
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Prepaid insurance
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12,000
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Common Shares
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880,000
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Retained earnings
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152,000
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Sales revenue
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413,000
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Rent revenue
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44,000
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Utilities expense
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74,000
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Salaries and Wages expense
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90,000
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Repairs and maintenance expense
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54,000
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$1,658,000
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$1,658,000
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Required - From the trial balance and the below information, prepare the annual adjusting journal entries:
1. The buildings have an estimated life of 30 years with no residual value. (The company uses the straight-line method)
2. The equipment is depreciated at 10% of its year-end carrying value per year.
3. Insurance expired during the year was $5,300.
4. The rental revenue is the amount received for 11 months for dining facilities. The December rent of $4,000 has not yet been received. A "rent receivable" account is used.
5. It is estimated that 24% of the accounts receivable will be uncollectible.
6. Salaries and wages earned but not yet paid by December 31 amounted to $3,600.
7. Sales revenue included dues paid in advance by members and totaled $9,900.
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