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.)

Trial Balance for the year end 2016				Income Statement for the year ended 2016
Account Title	Debit	Credit		Income
Cash	$34,000			Dues Revenue	$40,000
Rent Receivable	$20,000			Rent Revenue	$240,000
Allowance for doubtful accounts		$4,000		Greens Fee Revenue	$775,500
Prepaid Insurance	$34,000			Revenue	$260,000
Building	$1,300,000			Total Income		$1,315,500
Equipment	$400,000			Expenses
Accumulated depreciation - Building		$204,000		Supplies Expenses	$4,000
Accumulated depreciation - Equipment		$101,667		Insurance Expense	$14,000
Retained Earnings		$131,500		Bad debt Expense	$3,000
Dues Revenue		$40,000		Advertisement Expenses	$6,000
Rent Revenue		$240,000		Depreciation Expense	$5,667
Supplies Expenses	$4,000			Property tax expense	$25,000
Note Payable		$400,000		Interest expense	$8,000
Dividend Payable		$10,000		Utilities expense	$230,000
Insurance Expense	$14,000			Salaries & Wages Expense	$400,000
Bad debt Expense	$3,000			Maintenance expense	$280,000
Advertisement Expenses	$6,000			Total Expenses		$975,667
Depreciation Expense	$5,667
Advertisement Expense Payable		$6,000		Net Income		$339,833
Property tax payable		$25,000
Property tax expense	$25,000			Statement of Retained Earnings
Accrued interest		$8,000		Retained Earnings	$131,500
Supplies	$2,000			Add : Net Income	$339,833
Interest expense	$8,000			Retianed Eanings Balance at the year end	$471,333
Accounts receivable	$40,000
Land	$200,000			Balance Sheet as on 2016
Common stock		$800,000		Assets
Greens Fee Revenue		$775,500		Current Assets
Utilities expense	$230,000			Cash	$34,000
Salaries & Wages Expense	$400,000			Rent Receivable	$20,000
Maintenance expense	$280,000			Prepaid Insurance	$34,000
Revenue		$260,000		Supplies	$2,000
Total	$3,005,667	$3,005,667		Accounts receivable	$40,000
				Allowance for doubtful accounts	-$4,000
				Total Current Assets		$126,000
				Fixed assets
				Land	$200,000
				Building	$1,300,000
				Accumulated depreciation - Building	-$204,000
				Equipment	$400,000
				Accumulated depreciation - Equipment	-$101,667
				Total Fixed assets		$1,594,333
				Total Assets		$1,720,333
				Liabilities & Stockholders Equity
				Liabilities
				Current Liabilities
				Dividend Payable	$10,000
				Advertisement Expense Payable	$6,000
				Property tax payable	$25,000
				Accrued interest	$8,000
				Total Current Liabilities	$49,000
				Long term Liabilities
				Note Payable	$400,000
				Total Long Term Liabilities	$400,000
				Total Liabilities		$449,000
				Stockholders Equity
				Common stock	$800,000
				Retained Earnings	$471,333
				Total Stockholders Equity		$1,271,333
				Total Liabilties & Stockholders Equity		$1,720,333