Multan Golf Course adjusts and closes its accounts at the end of each calendar year. Revenue...
- Multan Golf Course adjusts and closes its accounts at the end of each calendar year. Revenue is obtained from greens fees and also from a contract with a concessionaire who sells refreshments on the premises. At December 31, the information for adjustments was gathered and a worksheet was prepared. The first four columns of the worksheet contained the account balances and adjustments shown below:
|
Trial Balance |
Adjustments* |
|||
|
Dr. |
Cr. |
Dr. |
Cr. |
|
|
Cash |
109,000 |
|||
|
Unexpired insurance |
28,000 |
(a) 8,000 |
||
|
Prepaid advertising |
12,000 |
(b) 3,000 |
||
|
Land |
4,500,000 |
|||
|
Equipment |
576,000 |
|||
|
Accumulated depreciation, equipment |
95,000 |
(f) 48,000 |
||
|
Loan |
720,000 |
|||
|
Unearned revenue from concessions |
90,000 |
(d) 60,000 |
||
|
Capital |
3,810,000 |
|||
|
Drawings |
180,000 |
|||
|
Revenue form greens fees |
2,100,000 |
|||
|
Advertising expense |
66,000 |
(b) 3,000 |
||
|
Water expense |
122,000 |
|||
|
Salaries expense |
946,000 |
(e) 14,000 |
||
|
Repairs and maintenance expense |
210,000 |
|||
|
Miscellaneous expense |
66,000 |
|||
|
6,815,000 |
6,815,000 |
|||
|
Insurance expense |
(a) 8,000 |
|||
|
Interest expense |
(c) 5,000 |
|||
|
Interest payable |
(c) 5,000 |
|||
|
Revenue from concessions |
(d) 60,000 |
|||
|
Salaries payable |
(e) 14,000 |
|||
|
Depreciation expense: equipment |
(f) 48,000 |
|||
|
138,000 |
138,000 |
|||
*Adjustments:
- Rs. 8,000 insurance expired during year.
- Rs. 3,000 prepaid advertising expired during year.
- Rs. 5,000 accrued interest expense on notes payable.
- Rs. 60,000 concession revenue earned during year.
- Rs. 14,000 of salaries earned but unpaid at December 31.
- Rs. 48,000 depreciation expense for year.
Instructions: Using the data above, complete the remaining six columns of the worksheet.
Homework Answers
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Multan Golf Course adjusts and closes its accounts at the end
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