Adjusting and Closing Presented on the next page is the trial balance of the Crestwood Golf Club, Inc. as of
(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 residual 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 12% of the accounts receivable will be uncollectible.
(6) Salaries earned that 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 andpost.
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