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SPECIFIC REQUIREMENTS: 1) Provided below is the trial balance of the Turkeyfoot Golf Club, Inc. as of December 31, 2019. They prepare adjusting entries and close their books annually on December 31st Create T-accounts for each account listed in the trial balance, and enter the balances from the trial balance into your T-accounts (or general ledger accounts) --- and allow a few lines per account. Note that you must create ONE (and only one T- account for each and every account (i.e., do not create more than one Cash T-account, more than one Retained Earnings T-account, etc.). So you will use the same T-accounts for posting regular transactional entries, adjusting entries, and closing entries. Also, to the extent possible, organize your T-accounts so that Assets are together, Liabilities are together, etc. (Please note that the assumption in this problem is that the regular (transactional) entries have ALREADY been recorded and posted to the T-accounts (or general ledger), and the trial balance below reflects that fact. (Therefore, you do not have to record the original journal entries that resulted in the balances shown in the trial balance and in fact, there is no way that you would be able to figure out what those journal entries were just by looking at the trial balance, anyway.) Credit S S 1,000 Turkeyfoot Golf Club, Inc. Trial Balance December 31, 2019 Debit Cash 200,000 Accounts Receivable 60,000 Allowance for Doubtful Accounts Prepaid Insurance 24,000 Land 200,000 Buildings 900,000 Accumulated Depreciation of Buildings Equipment 300,000 Accumulated Depreciation of Equipment Common Stock Retained Earnings Dues Revenue Greens Fee Revenue Rent Revenue Utilities Expense 280,000 Salaries and Wages Expense 450,000 Maintenance Expense 280,000 2.694,000 S 200,000 100,000 800,000 252,500 400,000 775,500 165,000 2.694.000 2) Again, assume the regular transactional entries for the year have already been recorded leading to the account balances in the trial balance above. However, assume that the following transactions were overlooked and not previously recorded by the company during the year. (These are regular transactional entries, not adjusting entries). Record the journal entries for these transactions and then post them to your T-accounts. a) On May 1, the company purchased supplies for $10,000, paying cash. The company's policy is to record the purchase of supplies in an expense account. b) On October 1, an additional building was purchased for $500,000 and additional equipment was purchased for $200,000. The company made a 20% down payment of the total purchase price, and signed a 1-year, 5% note payable for the remaining balance. Make one compound entry. c) On December 1, dividends of $18,000 are declared. (Note: Payment of the dividends will be made at a later date the following year. Hint: Be precise with the account name that is credited.) 3) Record the adjusting journal entries listed below (see letters a-j') and then post those adjusting entries to T-accounts. Create new accounts, as needed. (Again, the company prepares adjusting entries at year-end only.) Also, be sure to SHOW YOUR CALCULATIONS (typed) for each adjusting entry that requires a calculation (i.e., any adjusting entry for which you add, subtract, multiply, or divide numbers. There will be a deduction for each calculation that is messing. Those calculations can appear beneath or next to the entry or on a separate worksheet that you create at the end --- your choice. (Note: Adjusting entries should always be made in journal form first and then only after the journal entries are prepared should they be posted to T-accounts. When your posting is complete, be sure to compute (show) ending balances in each T-account.] a) The amount for prepaid insurance relates to a payment for two years of insurance coverage that was paid for on March 1st of the current year. The insurance coverage began on that date. b) It is estimated that 5% of the accounts receivable will be uncollectible. c) The rent revenue represents the amount received for 11 months for dining facilities. The same monthly amount is owed from customers for December, but that rent has not yet been received. (Note: Be specific/descriptive in the account name for the account debited in this entry.) d) Since the beginning of November, the company has had television and radio ads run at a cost of $6,000 per month. The company has yet to record or pay for any of these ads. c) of the $400,000 of Dues Revenue on the trial balance, $30,000 of that amount is considered to be "received in advance' (.e., services have not been performed for that portion, yet). 1) Property taxes incurred but not yet paid amount to $20,000. (Be specific in both account names here.) g) of the supplies purchased on May 1st in 2a) above, $4,000 worth are still on hand as of December 31". h) The building referred to in 2b) above has an estimated useful life of 30 years and an estimated salvage value of $20,000. Use the straight-line method to record depreciation for 2019. (Note: Assume for simplicity that depreciation was already recorded for all other buildings; you only have to record depreciation for this building.) i) The equipment referred to in 2b) above has an estimated salvage value of $20,000 and is depreciated at a rate of 10% per year. Record depreciation for 2019. (Note: Assume depreciation was already recorded for all other equipment.) 1) Record the accrued interest on the note from the October 1st transaction from 2b) above. 4) Using your updated balances in your T-accounts, prepare the year-end income statement, statement of retained earnings, and balance sheet for 2019. Be sure to use proper form in preparing your financial statements, including proper headings and dating of the financials. Page 4-10 (Single-Step Income Statement), p. 3-36 (Statement of Retained Earnings), and p. 3-37 (Balance Sheet) provide good examples to follow for this requirement (but obviously, you will have some different account names than the examples provided in the text). For your balance sheet, be sure to use your updated retained earnings balance from your statement of retained earnings since you have not prepared closing entries, yet. For your income statement, be sure to list each revenue and expense account, but do not worry about computing income tax expense. 5) Prepare closing entries (using compound entries where appropriate) and post them to your T-accounts. (When posting, be sure to create a T-account for Income Summary.) SPECIFIC REQUIREMENTS: 1) Provided below is the trial balance of the Turkeyfoot Golf Club, Inc. as of December 31, 2019. They prepare adjusting entries and close their books annually on December 31st Create T-accounts for each account listed in the trial balance, and enter the balances from the trial balance into your T-accounts (or general ledger accounts) --- and allow a few lines per account. Note that you must create ONE (and only one T- account for each and every account (i.e., do not create more than one Cash T-account, more than one Retained Earnings T-account, etc.). So you will use the same T-accounts for posting regular transactional entries, adjusting entries, and closing entries. Also, to the extent possible, organize your T-accounts so that Assets are together, Liabilities are together, etc. (Please note that the assumption in this problem is that the regular (transactional) entries have ALREADY been recorded and posted to the T-accounts (or general ledger), and the trial balance below reflects that fact. (Therefore, you do not have to record the original journal entries that resulted in the balances shown in the trial balance and in fact, there is no way that you would be able to figure out what those journal entries were just by looking at the trial balance, anyway.) Credit S S 1,000 Turkeyfoot Golf Club, Inc. Trial Balance December 31, 2019 Debit Cash 200,000 Accounts Receivable 60,000 Allowance for Doubtful Accounts Prepaid Insurance 24,000 Land 200,000 Buildings 900,000 Accumulated Depreciation of Buildings Equipment 300,000 Accumulated Depreciation of Equipment Common Stock Retained Earnings Dues Revenue Greens Fee Revenue Rent Revenue Utilities Expense 280,000 Salaries and Wages Expense 450,000 Maintenance Expense 280,000 2.694,000 S 200,000 100,000 800,000 252,500 400,000 775,500 165,000 2.694.000 2) Again, assume the regular transactional entries for the year have already been recorded leading to the account balances in the trial balance above. However, assume that the following transactions were overlooked and not previously recorded by the company during the year. (These are regular transactional entries, not adjusting entries). Record the journal entries for these transactions and then post them to your T-accounts. a) On May 1, the company purchased supplies for $10,000, paying cash. The company's policy is to record the purchase of supplies in an expense account. b) On October 1, an additional building was purchased for $500,000 and additional equipment was purchased for $200,000. The company made a 20% down payment of the total purchase price, and signed a 1-year, 5% note payable for the remaining balance. Make one compound entry. c) On December 1, dividends of $18,000 are declared. (Note: Payment of the dividends will be made at a later date the following year. Hint: Be precise with the account name that is credited.) 3) Record the adjusting journal entries listed below (see letters a-j') and then post those adjusting entries to T-accounts. Create new accounts, as needed. (Again, the company prepares adjusting entries at year-end only.) Also, be sure to SHOW YOUR CALCULATIONS (typed) for each adjusting entry that requires a calculation (i.e., any adjusting entry for which you add, subtract, multiply, or divide numbers. There will be a deduction for each calculation that is messing. Those calculations can appear beneath or next to the entry or on a separate worksheet that you create at the end --- your choice. (Note: Adjusting entries should always be made in journal form first and then only after the journal entries are prepared should they be posted to T-accounts. When your posting is complete, be sure to compute (show) ending balances in each T-account.] a) The amount for prepaid insurance relates to a payment for two years of insurance coverage that was paid for on March 1st of the current year. The insurance coverage began on that date. b) It is estimated that 5% of the accounts receivable will be uncollectible. c) The rent revenue represents the amount received for 11 months for dining facilities. The same monthly amount is owed from customers for December, but that rent has not yet been received. (Note: Be specific/descriptive in the account name for the account debited in this entry.) d) Since the beginning of November, the company has had television and radio ads run at a cost of $6,000 per month. The company has yet to record or pay for any of these ads. c) of the $400,000 of Dues Revenue on the trial balance, $30,000 of that amount is considered to be "received in advance' (.e., services have not been performed for that portion, yet). 1) Property taxes incurred but not yet paid amount to $20,000. (Be specific in both account names here.) g) of the supplies purchased on May 1st in 2a) above, $4,000 worth are still on hand as of December 31". h) The building referred to in 2b) above has an estimated useful life of 30 years and an estimated salvage value of $20,000. Use the straight-line method to record depreciation for 2019. (Note: Assume for simplicity that depreciation was already recorded for all other buildings; you only have to record depreciation for this building.) i) The equipment referred to in 2b) above has an estimated salvage value of $20,000 and is depreciated at a rate of 10% per year. Record depreciation for 2019. (Note: Assume depreciation was already recorded for all other equipment.) 1) Record the accrued interest on the note from the October 1st transaction from 2b) above. 4) Using your updated balances in your T-accounts, prepare the year-end income statement, statement of retained earnings, and balance sheet for 2019. Be sure to use proper form in preparing your financial statements, including proper headings and dating of the financials. Page 4-10 (Single-Step Income Statement), p. 3-36 (Statement of Retained Earnings), and p. 3-37 (Balance Sheet) provide good examples to follow for this requirement (but obviously, you will have some different account names than the examples provided in the text). For your balance sheet, be sure to use your updated retained earnings balance from your statement of retained earnings since you have not prepared closing entries, yet. For your income statement, be sure to list each revenue and expense account, but do not worry about computing income tax expense. 5) Prepare closing entries (using compound entries where appropriate) and post them to your T-accounts. (When posting, be sure to create a T-account for Income Summary.)

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