Question Problem 39 Presented below is the trial balance of

Question:

Problem 3-9 Presented below is the trial balance of the Blossom Golf Club, Inc. as of December 31. The books are closed annually on December 31 BLOSSOM GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31 Debit $18,820 15,100 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 $1,200 9,570 352,900 150,000 48,000 198,100 92,447 362,100 183,893 198,200 5,820 19,800 56,140 84,410 26,420 $911,460 $911,460

Solution

closing entry are the entries made to close out the temporary accounts and transfer balance to permanent accounts.

	debit	credit
green fees revenue	5820
rent revenue	21600
dues revenue	188762
income summary		216182
income summary	200224
utility expense		56140
bad debt expense		1812
salary and wages exp		87702
maintainance and repair exp		26420
depriciation exp		24810
insurance exp		3340
income summary	15958		(216182-200224)
retained earning		15958