Adjusting Entries and Closing Entries The Meridian Country Club uses an annual accounting year-end of December 31 and makes adjusting journal entries quarterly. The unadjusted trial balance as of June 30, 2010 is shown below: The Meridian Country ClubUnadjusted Trial Balance The Meridian Country ClubUnadjusted Trial Balance The Meridian Country ClubUnadjusted Trial Balance Debit Credit Cash $6,100 Accounts Receivable 23,000 Supplies 24,000 Prepaid Insurance 26,100 Equipment 46,000 Land 250,000 Buildings 125,000 Accumulated Depreciation $12,000 Accounts Payable 10,950 Interest Payable 2,700 Unearned Revenue 50,000 Note Payable 180,000 Common Stock 148,000 Retained Earnings 45,000 Service Revenue 78,250 Advertising Expense 1,650 Depreciation Expense 2,400 Interest Expense 2,700 Insurance Expense 8,700 Salaries Expense 9,750 Dividends 1,500 $526,900 $526,900 Additional Information: 1. On January 1, Meridian purchased a one-year insurance policy in the amount of $34,800 and is expensing it evenly over the current year. 2. Buildings and equipment depreciate at an annual rate of $5,000 and $4,600, respectively. 3. Interest on the promissory note is paid annually at a rate of 6%. 4. On June 30, Meridian received but did not record utility bills for the month of June to be paid next month, $875. 5. At June 30, $17,500 of unearned revenue had been earned. 6. On June 30, Meridian prepared bills for new members for the month of June, $2,165. Required a. Prepare the necessary adjusting journal entries for items 1-6. b. Prepare an adjusted trial balance at June 30, 2010. c. Prepare an income statement and a statement of retained earnings for the six months ending June 30, 2010, and a balance sheet as of June 30. d. Assuming June 30 was Meridian’s year end, prepare all closing entries for the temporary accounts.