CP4-4 (Algo) Identifying and Preparing Adjusting Journal Entries [LO [The following information applies to the questions displayed below.] LO 4-2, LO 4-3, LO 4-6] 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 Deferred Revenue Salaries and Wages Payable Income Tax Payable Interest Payable Notes Payable (long-term) 12,600 Debit $ 32,000 Credit Further Information 620 As reported on December 31 bank statement. Based on count, only $210 of supplies still exist. Of this amount, $2,600 was received for $ 3,000 December lessons and $400 for January lessons. 0 0 Employees were paid $1,100 for 10 days of work 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 $105 of 0 interest owed on its notes payable for the current period. This one-year note was taken out this year on December 1. Common Stock 1,000 This amount was contributed for common stock in prior years. Retained Earnings Service Revenue Salaries and Wages Expense 36,200 Supplies Expense 2,500 Interest Expense 0 Income Tax Expense 0 3,100 Most customers pay cash for lessons each 51,620 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 $105 of interest owed on its notes payable for the current period. The company has an average tax rate of 20%. This is the balance reported at the end of last year. Totals $ 71,320 $ 71,320