The trial balance follows of the Masters Golf Club, Inc. as at December 31. The books are closed annually on December 31.

Instructions
(a) Enter the balances in ledger accounts. Allow five lines for each account.
(b) From the trial balance and the information that follows, prepare annual adjusting entities and post to the ledger accounts:
1. The buildings have an estimated life of 30 years with no residual value (the company uses the straight-line method).
2. The equipment is depreciated at 10% of its year-end carrying value per year.
3. Insurance expired during the year was $5,300.
4. The rental revenue is the amount received for 11 months for dining facilities. The December rent of $4,000 has not yet been received.
5. It is estimated that 24% of the accounts receivable will be uncollectible.
6. Salaries and wages earned but not paid by December 31 amounted to $3,600.
7. Sales revenue included dues paid in advance by members and total led $9,900.
(c) Prepare an adjusted trial balance.
(d) Prepare closing entries and post to the ledger.

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MASTERS GOLF CLUB, INC. Trial Balance December 31 3 Debit Credit $ 115,000 Cash Accounts receivable Allowance for doubtful accounts Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equiprment Prepaid insurance Common shares Retained earnings Sales revenue Rent reverue Utilities expense Salaries and wages expen Maintenance and repairs expense 63,000 $ 9,000 350,000 600,000 300,000 12,000 40,000 120,000 880,000 152,000 413,000 44,000 74,000 90,000 54,000 $1,658,000 $1,658,000