Prepare closing entries (using compound entries where appropriate) and post them to your T-accounts (or ledger). Put these journal entries on a separate page from your adjusting journal entries and label them, Closing Entries. (When posting, be sure to create a T-account or ledger account for Income Summary.)

Assets
Current assets
Cash			34000
Rent receivable	20000
Accounts receivable	40000
Less: Allowance for doubtful accounts		4000	90000
Supplies	2000
Prepaid insurance	34000
Total current assets			126000
Property, plant, and equipment
Buildings	1300000
Equipments	400000
Land	200000
Less: Accumulated depreciation on building		204000
Less: Accumulated depreciation on equipment		101500
Total property, plant and equipment			1594500
Total assets			1720500
Liabilities and Stockholders` Equity
Current liabilities
Notes payable		400000
Dividend payable		10000
Advertisement expense payable		6000
Property tax payable		25000
Accrued interest		8000
Total liabilities			449000
Stockholders` Equity
Common stock		800000
Retained earnings		471500
Total stockholders` equity			1271500
Total liabilities and stockholders` equity			1720500

Revenues
Dues Revenue		40000
Rent Revenue		240000
Greens Fee Revenue		775500
Revenue		260000
Total Revenues		1315500
Expenses
Supplies expense		4000
Property tax expense		25000
Insurance expense		14000
Bad dept expense		3000
Adverisement expense		6000
Depreciation expense		5500
Maintenance expense		280000
Interest expense		8000
Utilities expense		230000
Salaries and wages expense		400000
Total expenses		975500
Net Income		$ 340,000
Skyland Gold Club, Inc.
Statement of Retained Earnings
For the year ended December 31, 2016
Retained Earnings, January 1		$ 131,500
Add: Net income		$ 340,000
Retained earnings, December 31		$ 471,500