Question: I just need help with the adjusting entries: Also bad debt expense and allowance for uncollectibleaccounts ar contra to each other? Crestwood Gold Club, Inc.

I just need help with the adjusting entries: Also bad debt expense and allowance for uncollectibleaccounts ar contra to each other?

I just need help with the adjusting entries: Also bad debt expense

Crestwood Gold Club, Inc. Work Sheet 31-Dec-13 Presented below is the trial balance of the Crestwood Golf Club, Inc. as of December 31, 2013. The books are closed annually on December 31st. Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Land Buildings Accumluated Depreciation - Bldg. Equipment Accumulated Depreciation - Equip. Investments - Available for Sale Investments Fair Value Adjustment Income Taxes Payable Common Stock - 2000 shares - no par Retained Earnings Accumulated OCI Members' Dues Revenue Greens Fee Revenue Cart Rental Revenue Utilities Expense Salaries and Wages Expense Maintenance and Repairs Expense Depreciation Expense Partially adjusted Trial Balance Debit Credit $ 15,000 13,000 $ 1,100 9,000 325,000 120,000 38,400 150,000 70,000 25,000 2,000 20,000 400,000 82,000 2,000 200,000 5,900 17,600 54,000 80,000 14,000 11,500 Investment Income Income Tax Expense Totals Additional Adjusting Entries Debit Credit 1,500 20,000 $ 838,500 $ 838,500 Requirment 1: In the space below, please read the year-end additional information and determine the appropriate additional adjusting entries, if any. Appropriate (i.e. required by GAAP) adjusting entries should be documented in the space Completely Adjusted Trial Balance Debit provided using proper journal entry format including "memo". Item # / Additional Information Date Account Titles Dr Cr 1) At 12/31/13 the available fo of $28,000 (ignore taxes) 2) It is estimated at 12/31/13 t will not be collected. 3) Crestwood was named (defe The liklihood of a confirming e HINTS: Your smartbook has two great chapters that have examples to follow in preparing your detail statement of comprehensive income. Completely Adjusted Trial Balance Credit Item # / Additional Information 1) At 12/31/13 the available for sale securities had a fair value of $28,000 (ignore taxes) 2) It is estimated at 12/31/13 that 12% of Accounts Receivable will not be collected. 3) Crestwood was named (defendant) in a lawsuit on 12/29/13 asking for damages of $10,000. The liklihood of a confirming event is considered reasonably possible

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!