Presented below is the unadjusted trial balance of First Landing Golf Club as of December 31, 2023. The books are closed annually on December 31. First Landing Golf Club Trial Balance December 31, 2023 Unadjusted Debit Credit Cash 72,223 Accounts Receivable - Members 9,940 132 Allowance for Doubtful Accounts Rent Receivable Inventory 18,282 Prepaid Insurance 3,100 Shop Supplies 6,323 Land 834,000 Buildings 450,000 Accumulated Depreciation - Buildings 112,500 Equipment 240,000 Accumulated Depreciation Equipment 104,000 Interest Payable Salaries and Wages Payable Unearned Services Revenue Unearned Dues Note Payable Common Stock Retained Earnings Dividends Dues Revenue Green Fees Revenue Pro Shop Sales Revenue Service revenue - Lessons Rent Revenue 150,000 300,000 822,164 14,000 462,000 269,052 176,853 87,800 29,700 Cost of Goods Sold 106,119 Bad Debt Expense Depreciation Expense - Buildings Depreciation Expense - Equipment Insurance Expense 11,600 Interest Expense 4,000 Maintenance/grounds Expense 284,320 Salaries and Wages Expense 358,920 Shop Supplies Expense Repairs Expenses 62,385 38,989 2,514,201 2,514,201 Utilities Expense Income Summary TOTALS The following information is available for First Landing Golf Club at December 31. Prepare adjusting journal entries for First Landing Golf Club based on the trial balance and the following information. a. A review of the maintenance/grounds expense accounts shows a mower that was purchased on April 1 for $25,000. Under the FLGC's policy the mower should be capitalized and depreciated over 10 years with no salvage value expected. b. The buildings have an estimated life of 25 years with no salvage value and are depreciated using the straight-line method. No additions were added during the year. c. The equipment is depreciated over ten years using the straight- line method. The expected residual value of the equipment is $0. At December 31, 2022 the cost of equipment on the books was $240,000. d. Insurance expense for the year should be $11,800. e. The dining facilities are rented to an outside vendor. The monthly rental revenue has been $2,700 since January 2023. f. It is estimated that 5% of the accounts receivable - members will be uncollectible. g. Employees had earned $2,800, by December 31, for which they had not been paid. h. In December, First Landing credited the dues revenue account for $2,385 collected for 2024 dues. i. The note payable of $150,000 was issued on April 1, 2023, with interest of 7% and is due July 31, 2026. Interest is payable annually on March 31. j. A Physical count indicated $329 of shop supplies remain on hand at December 31. k. On December 24, a member purchased a set of youth golf clubs along with lessons for their son for a package price of $900. The Pro Shop Sales account was credited for the full amount and the associated cost was recorded as cost of goods sold. The clubs have a stand-alone sales price of $840 and the lessons have a stand-alone sales price of $360. The lessons were not redeemed in 2023. 1. A physical inventory count at December 31 shows that ending inventory on hand is $18,046.