The trial balance follows of the Masters Golf Club Inc

#1833
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.View Solution:
The trial balance follows of the Masters Golf Club Inc

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