TAMARISK GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31 Debit Credit Cash $17,550 Accounts Receivable 14,700 Allowance...

TAMARISK GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31
	Debit	Credit
Cash	$17,550
Accounts Receivable	14,700
Allowance for Doubtful Accounts		$1,200
Prepaid Insurance	9,500
Land	353,200
Buildings	150,000
Accumulated Depreciation-Buildings		48,000
Equipment	196,500
Accumulated Depreciation-Equipment		91,700
Common Stock		381,500
Retained Earnings		158,117
Dues Revenue		204,200
Green Fees Revenue		5,703
Rent Revenue		17,600
Utilities Expenses	58,420
Salaries and Wages Expense	82,100
Maintenance and Repairs Expense	26,050
	$908,020	$908,020

From the trial balance and the information given below, prepare annual adjusting entries.

(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 $3,550.
(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, $3,821.
(7)		Dues received in advance from members $9,357, were recorded as Dues Revenue.

Solutions

Expert Solution

No	Accounting Titles And Explanation	Dr	Cr
1	Depreciation A/c ($150000/30)	$5,000.00
	Accumulated Depreciation - Building		$5,000.00
	(Being Depreciation charged for Building)

2	Depreciation A/c (196500*10%)	$19,650.00
	Accumulated Depreciation - Equipment		$19,650.00
	(Being depreciation charged for Equipment)

3	Insurance Expense A/c	$3,550.00
	Prepaid Insurance		$3,550.00
	(Being insurance expense settled off from advance payment)

4	Rent Receivable A/c (17600//11*1)	$1,600.00
	Rent Revenue A/c		$1,600.00
	(Being rent accrued for the month of December, now accounted)

5	Doubtful debts A/c ($14700*12%-$1200)	$564.00
	Allowance for Doubtful Accounts		$564.00
	(Being provision created for doubtful debts)

6	Salary & Wages Expense A/c	$3,821.00
	Salary & Wages Outstanding A/c		$3,821.00
	(Being salary & wages accrued but not paid,now accounted)

7	Bank A/c	$9,357.00
	Unearned Dues A/c		$9,357.00
	(Being dues received in advance from Members)

ekkarill92 answered 1 year ago

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