Presented below is the trial balance of the Windsor Golf Club, Inc. as of December 31. The books are closed annually on December 31.

WINDSOR GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31
		Debit			Credit
Cash		$17,200
Accounts Receivable		16,000
Allowance for Doubtful Accounts					$1,100
Prepaid Insurance		9,750
Land		379,500
Buildings		150,000
Accumulated Depreciation-Buildings					38,566
Equipment		191,800
Accumulated Depreciation-Equipment					68,660
Common Stock					361,700
Retained Earnings					220,469
Dues Revenue					218,600
Green Fees Revenue					5,785
Rent Revenue					16,500
Utilities Expenses		57,510
Salaries and Wages Expense		84,230
Maintenance and Repairs Expense		25,390
		$931,380			$931,380

a) From the trial balance and the information given below, prepare annual adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

(1)		The buildings have an estimated life of 30 years with no salvage value (straight-line method).
(2)		The equipment is depreciated at 10% per year.
(3)		Insurance expired during the year $3,250.
(4)		The rent revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been received. (Use Rent Receivable account.)
(5)		It is estimated that 12% of the accounts receivable will be uncollectible.
(6)		Salaries and wages earned but not paid by December 31, $3,771.
(7)		Dues received in advance from members $9,189, were recorded as Dues Revenue.

b) Post to the ledger accounts.

c) Prepare an adjusted trial balance.

d) Prepare closing entries.

e) Post closing entries.

Answer rating: 100% (QA)

WINDSOR GOLF CLUB INC TRIAL BALANCE Adjusting entries Adjusted Trial Balance 31Dec Debit Credit Debit Credit Debit Credit Cash 17200 17200 Accounts Re... View the full answer