CP4-4 (Algo) 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. Cash Account Names Supplies Deferred Revenue Salaries and wages Payable Debit $ 32,200 660 Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Salaries and wages Expense 36,400 Supplies Expense 2,700 Interest Expense Income Tax Expense Totals $ 71,960 8 8 Credit Further Information $ 2,900 As reported on December 31 bank statement. Based on count, only $230 of supplies still exist. of this amount, $2,300 was received for December lessons and $600 for January lessons. Employees were paid $1,300 for 10 days of work e through December 28. They have not yet been paid for work on December 29 and 30. The company has paid last year's income tax but not this year's tax. The company has not paid the $115 of interest owed on its notes payable for the current period. 13,800 1,000 3,300 This one-year note was taken out this year on December 1. This amount was contributed for common stock in prior years. This is the balance reported at the end of last year. Most customers pay cash for lessons each time 50,960 they are provided, but some customers pay in $ 71,960 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 $115 of interest Owed on its notes payable for the current period. The company has an average tax rate of 20%. CP4-4 (Algo) Part 1 Required: 1. Prepare the (preliminary) unadjusted net income statement for the year ended December 31, 2021. GOLF ACADEMY, INCORPORATED Unadjusted Income Statement 0 0