The Saranac Village Municipal Golf Courses preclosing trial balance is presented below. Prepare the closing entry necessary

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Question:

The Saranac Village Municipal Golf Course’s preclosing trial balance is presented below. Prepare the closing entry necessary at its year-end, June 30, 2019, and compute the components of net position that should be reported as of that date.

SARANAC VILLAGE

Enterprise Fund

Municipal Golf Course

Preclosing Trial Balance

June 30, 2019

Debits Credits

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,500

Membership dues receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,200

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,600

Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000

Accumulated depreciation—equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................... $ 400

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....................................500

Revenues from fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .....................................14,000

Salaries expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500

Depreciation expense—equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300

Utilities expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400

Miscellaneous expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700

Net position. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...........................................12,300

Total $27,200 $27,200