Question

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ACCT 3121 Cycle Project (V2) Presented below is the unadjusted trial balance of the Crestwood Golf Club, Inc. as of December 31. The books are closed annually on December 31. CRESTWOOD GOLF CLUB, INC TRIAL BALANCE DECEMBER 31 Debit Credit Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Common Stock Retained Earnings Dues Revenue Green Fees Revenue Rent Revenue Utilities Expenses Salaries and Wages Expense Maintenance and Repairs Expense $ 17,170 16,900 S 1,030 9,070 358,560 120,000 35,260 172,340 71,880 408,140 119,040 200,160 6,400 17,600 56,430 81,690 27,350 $859,510 $859,510

Answer 1

b. Adjusting entries:

Adjustment	Account Titles	Debit	Credit
		$	$
1.	Depreciation Expense	4,000
	Accumulated Depreciation : Buildings		4,000
2.	Depreciation Expense	17,234
	Accumulated Depreciation : Equipment		17,234
3.	Insurance Expense	3,830
	Prepaid Insurance		3,830
4.	Rent Receivable	1,600
	Rent Revenue		1,600
5.	Bad Debt Expense	998
	Allowance for Doubtful Accounts		998
6.	Salaries and Wages Expense	3,530
	Salaries and Wages Payable		3,530
7.	Dues Revenue	9,000
	Unearned Dues Revenue		9,000

c.

Crestwood Golf Club Inc. Adjusted Trial Balance December 31
Account Titles	Debit	Credit
	$	$
Cash	17,170
Accounts Receivable	16,900
Allowance for Doubtful Accounts		2,028
Rent Receivable	1,600
Prepaid Insurance	5,240
Land	358,560
Buildings	120,000
Accumulated Depreciation : Buildings		39,260
Equipment	172,340
Accumulated Depreciation : Equipment		89,114
Salaries and Wages Payable		3,530
Unearned Dues Revenue		9,000
Common Stock		408,140
Retained Earnings		119,040
Dues Revenue		191,160
Green Fees Revenue		6,400
Rent Revenue		19,200
Utilities Expense	56,430
Salaries and Wages Expense	85,220
Maintenance and Repairs Expense	27,350
Insurance Expense	3,830
Bad Debt Expense	998
Depreciation Expense	21,234
Totals	$ 886,872	$ 886,872

c.

Crestwood Golf Club Inc. Income Statement For the year ended December 31
	$	$
Revenues
Dues Revenue	191,160
Green Fees Revenue	6,400
Rent Revenue	19,200
Total Revenues		216,760
Expenses:
Salaries and Wages Expense	85,220
Insurance Expense	3,830
Utilities Expense	56,430
Maintenance and Repairs Expense	27,350
Bad Debt Expense	998
Depreciation Expense	21,234
Total Expenses		195,062
Net Income		21,698

d.

Crestwood Golf Club Inc. Statement of Retained Earnings For the year ended December 31
	$
Beginning Retained Earnings	119,040
Add: Net Income	21,698
Less: Dividends	0
Ending Retained Earnings	140,738

e.

Crestwood Golf Club Inc. Balance Sheet December 31
Assets	$	$
Cash	17,170
Accounts Receivable,net	14,872
Rent Receivable	1,600
Prepaid Insurance	5,240
Total Current Assets		38,882
Property Plant and Equipment, net
Land	358,560
Buildings	80,740
Equipment	83,226	522,526
Total Assets		$ 561,408
Liabilities
Salaries and Wages Payable	3,530
Unearned Dues Revenue	9,000
Total Current Liabilities		12,530
Total Liabilities		12,530
Stockholders' Equity
Common Stock	408,140
Retained Earnings	140,738
Total Stockholders' Equity		548,878
Total Liabilities and Stockholders' Equity		$ 561,408