Problem 3-9 (Part Level Submission)

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

METLOCK GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31
		Debit			Credit
Cash		$16,180
Accounts Receivable		17,200
Allowance for Doubtful Accounts					$1,200
Prepaid Insurance		9,200
Land		395,600
Buildings		120,000
Accumulated Depreciation-Buildings					38,400
Equipment		168,400
Accumulated Depreciation-Equipment					78,587
Common Stock					404,900
Retained Earnings					138,775
Dues Revenue					207,000
Green Fees Revenue					6,018
Rent Revenue					18,700
Utilities Expenses		57,920
Salaries and Wages Expense		83,660
Maintenance and Repairs Expense		25,420
		$893,580			$893,580

(b1)

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 $3,720.
(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, $3,643.
(7)		Dues received in advance from members $9,269, were recorded as Dues Revenue.

(c)	Prepare an adjusted trial balance.

(d)	Prepare closing entries and post.