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***URGENT REPOST [initial answer image was unreadable]*** I recognize this is a long problem, but any help ASAP would be greatly appreciated. From the following

***URGENT REPOST [initial answer image was unreadable]***

I recognize this is a long problem, but any help ASAP would be greatly appreciated. From the following transactions, I need to record, adjust, then close the accounts. There should only be a total of nine adjusting entries when finished.

I am supposed to find that the debits and credits before adjusting entries are: 455,328; after adjusting entries: 461,628; and after closing: 429,733. All my previous attempts were unable to find these values. The transactions are below:

TRANSACTION #

DATE

TRANSACTION DESCRIPTION

1

Jan 1

At the beginning of January, three brothers organized The Golf Ranch by contributing $40,000 each to begin the new business in exchange for shares of stock.

2

Jan 2

Signed a one-year lease on an existing golf club and golf course for The Golf Ranch and made a $40,000 advance payment for the first four months rent.

3

Jan 2

The Golf Ranch purchased the following fixed assets, paying 20% down and giving a two-year, 6% APR, note for the balance. Principle and interest are due at maturity.

Furniture..$18,300

Fixtures$5,100

Equipment...$79,200

$102,600

4

Jan 3

Purchased a 4-month insurance policy on The Golf Ranch and its contents and paid the premium of $4,000 in advance.

5

Jan 3

Purchased office supplies for $700 on an open account from Office Supplies. The Golf Ranch has 30 days to pay for the supplies.

6

Jan 3

Purchased on account a total of 100 shirts with an embroidered Golf Ranch logo from Shirt Creations at a price of $10 per shirt. These shirts are available for resale to customers.

7

Jan 3

Purchased concessions for $4,200 from Zeta Distribution. These concessions consist of energy drinks, chips, crackers, nuts, etc., and are available for resale to customers. The Golf Ranch paid 25% down and put the balance on account.

8

Jan 3

Sold 75, twelve-month memberships to The Golf Ranch for $2,250 each. All membership dues were collected in cash.

9

Jan 3

Purchased a 6-month maintenance contract with landscaping to provide grounds maintenance. Paid $7,800 in advance for this service.

10

Jan 5

Provided 60 hours of golf lessons to members. Fees are charged at a rate of $60/hour. Of these fees, $650 was collected in cash and the balance was billed to individual members accounts.

11

Jan 6

Received a bill for $250 from The Golf Ranchs lawyer for legal services rendered.

12

Jan 8

Sold 44 shirts to a corporate member, Allen & Co. for $22 each. Collected $450 in cash and the balance is owed to The Golf Ranch on account.

13

Jan 14

Purchased an additional $250 in office supplies on open account from Office Supplies.

14

Jan 15

Paid wages and salaries of $2,250 to Golf Ranch employees.

15

Jan 15

Sold 25, twelve-month memberships to the club for $2,250 each. Collected the dues in cash.

16

Jan 15

The concessions stand reported sales of merchandise for $5,500 for the first half of the month. The concessions that were sold had an original cost of $2,800. All of these transactions were billed directly to each members account.

17

Jan 16

Purchased additional concessions for $1,800 from Zeta Distributing on open account.

18

Jan 18

Paid the total amounts due to C&C Creations, the Golf Ranchs attorney and Office Supplies.

19

Jan 19

Sold 36 of the shirts purchased on January 3 to individual customers for $30 each. Collected 30% in cash, the balance is owed to the Golf Ranch on account.

20

Jan 22

The Golf Ranch declared and paid a dividend of $1,000 to each shareholder.

21

Jan 26

Collected the balance of what was owed on account from Allen & Co.

22

Jan 28

Received a utility bill that totaled $980 for the month. It is due Feb. 14.

23

Jan 31

Fees for golf lessons for the last half of January (billed to members accounts) = $4,680

24

Jan 31

Cash sales of shirts (8 @ $30 each) = $240. These shirts were purchased by the Golf Club on Jan. 3.

25

Jan 31

Sales for concessions during the last half of January (30% collected in cash) = $5,000

Cost of concessions sold from January 16-30 = $2,400

26

Jan 31

Cash received during January for services billed to members accounts = $4,400

27

Jan 31

Cash received for visitors greens fees (fee to play the golf course) = $1,250

28

Jan 31

Purchased additional fixtures for the golf club totaling $2,650. The total amount was paid in cash.

Other relevant information:

  1. Depreciation expense for the month of January should be calculated using the straight-line method with the following useful lives (no salvage value is anticipated. If necessary, round to the nearest whole dollar):

Furniture 5 years

Fixtures 5 years

Equipment 3 years

  1. At the end of the month, a physical count was taken of the Golf Clubs assets, inventories and supplies. It revealed the following information:

  1. Six of the shirts for resale were on hand at January 31.
  2. Concession merchandise still on hand as of January 31 amounted to $675.

  1. Salaries earned by employees but unpaid at January 31 totaled $3,300.
  2. There were $400 of Office Supplies still on hand as of January 31.
  3. On any other AJEs, round to the nearest dollar.

Thank you! If posting an image, one that is easy to read is appreciated.

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