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Required information CP4-4 (Static) Identifying and Preparing Adjusting Journal Entries (LO 4-1, LO 4-2, LO 4-3, LO 4-6) [The following information applies to the questions displayed below.] Golf Academy, Incorporated, provides private golf lessons. Its unadjusted trial balance at December 31, 2021, follows, along with information about selected accounts. Account Names Cash Supplies Debit $ 31,900 600 Deferred Revenue Salaries and Wages Payable Income Tax Payable Interest Payable Notes Payable (long-term) Credit Further Information As reported on December 31 bank statement. Based on count, only $200 of supplies still exist. $ 3,500 of this amount, $3,000 was received for December lessons and $500 for January lessons. Employees were paid $1,000 for 10 days of work through December 28. They have not yet been paid for work on December 29 and 30. 0 The company has paid last year's income tax but not this year's tax. The company has not paid the $100 of interest owed on its notes payable for the current period. 12,000 This one-year note was taken out this year on December 1. 1,000 This amount was contributed for common stock in prior years. 3,000 This is the balance reported at the end of last year. 51,500 Most customers pay cash for lessons each time they are provided, but some customers pay in advance. Employees worked through December 30 but did not work on December 31. This is the cost of supplies used through November 30. The company has not paid the $100 of interest owed on its notes payable for the current period. The company has an average tax rate of 30%. $ 71,000 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 36,100 2,400 Supplies Expense Interest Expense 0 Income Tax Expense 0 Totals $ 71,000 1 Record the adjusting entry for supplies. 2 Record the adjusting entry for deferred revenue. 3 Record the adjusting entry for salaries and wages. 4 Record the adjusting entry for interest. 5 Record the adjusting entry for income tax

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