Problem
The adjusted trial balance for Sunland Golf Club at its October 31, 2017, year end included the following:
|
Debit
|
Credit
|
|
Cash
|
$7,500
|
|
Prepaid expenses
|
3,000
|
|
Equipment
|
65,000
|
|
Accumulated depreciation-equipment
|
$15,000
|
|
Accounts payable
|
14,000
|
|
Unearned revenue
|
1,500
|
|
N. Sunland, capital
|
65,900
|
|
N. Sunland, drawings
|
45,300
|
|
Service revenue
|
130,300
|
|
Maintenance expense
|
23,000
|
|
Rent expense
|
10,000
|
|
Salaries expense
|
72,900
|
Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)