Following is the trial balance of the Platteville Golf Club, Inc. as of December 31. The books

Question:

Following is the trial balance of the Platteville Golf Club, Inc. as of December 31. The books are closed annually on December 31.

Instructions
(a) Enter the balances in ledger accounts. Allow five lines for each account.
(b) From the trial balance and the information given, prepare annual adjusting entries and post to the ledger accounts. (Omit explanations.)
(1) The buildings have an estimated life of 25 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 rental revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been received.
(5) It is estimated that 15% of the accounts receivable will be uncollectible.
(6) Salaries earned but not paid by December 31, $3,600.
(7) Dues paid in advance by members $8,900.
(c) Prepare an adjusted trial balance.
(d) Prepare closing entries andpost.

Salvage Value
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...