Ch 3 Solutions Manual Problem 3-8

Prepaid insurance 3500 4 rent receivable 1600 rental

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Prepaid Insurance ............................................. 3,500 -4- Rent Receivable ........................................................ 1,600 Rental Revenue (1/11 X $17,600) ............................................. 1,600 -5- Bad Debt Expense .................................................... 460 Allowance for Doubtful Accounts [($13,000 X 12%) – $1,100] ............................ 460 -6- Salaries Expense ...................................................... 3,600 Salaries Payable ................................................ 3,600 -7- Dues Revenue ........................................................... 8,900 Unearned Dues Revenue .................................. 8,900
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*PROBLEM 3-8 (Continued) (c) CRESTWOOD GOLF CLUB, INC. Adjusted Trial Balance December 31, XXXX Dr. Cr. Cash ..................................................................... $ 15,000 Accounts Receivable .......................................... 13,000 Allowance for Doubtful Accounts ...................... $ 1,560 Prepaid Insurance ............................................... 5,500 Land ...................................................................... 350,000 Building ................................................................ 120,000 Accum. Depreciation—Buildings ....................... 42,400 Equipment ............................................................ 150,000 Accum. Depreciation—Equipment .................... 85,000 Salaries Payable .................................................. 3,600 Common Stock .................................................... 400,000 Retained Earnings ............................................... 82,000 Dues Revenue ..................................................... 191,100 Greens Fee Revenue ........................................... 5,900 Rental Revenue ................................................... 19,200 Utilities Expense ................................................. 54,000 Salaries Expense ................................................. 83,600 Maintenance Expense ......................................... 24,000 Bad Debt Expense ............................................... 460 Unearned Dues Revenue .................................... 8,900 Rent Receivable .................................................. 1,600 Depreciation Expense—Buildings ..................... 4,000 Depreciation Expense—Equipment ................... 15,000 Insurance Expense ............................................. 3,500 Totals ......................................................... $839,660 $839,660
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*PROBLEM 3-8 (Continued) (d) -Dec. 31- Dues Revenue ........................................................... 191,100 Greens Fee Revenue ................................................ 5,900 Rental Revenue ......................................................... 19,200 Income Summary .............................................. 216,200 -31- Income Summary ...................................................... 184,560 Utilities Expense ............................................... 54,000 Bad Debt Expense ............................................. 460 Salaries Expense ............................................... 83,600 Maintenance Expense ....................................... 24,000 Depreciation Expense—Buildings ................... 4,000 Depreciation Expense—Equipment ................. 15,000 Insurance Expense ........................................... 3,500 -31- Income Summary ...................................................... 31,640 Retained Earnings ............................................. 31,640
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  • Spring '11
  • LynnAlmond
  • ........., Generally Accepted Accounting Principles

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