Golf Academy, Inc , provides private golf lessons Its unadjusted trial balance at December 31, 2015, follows, along with information about selected accounts Account Names Debit Credit Further Information Cash $ 31,000 As reported on December 31 bank statement Supplies 420 Based on count, only $110 of supplies still exist Unearned Revenue $ 2,510 Of this amount, $2,100 was received for December lessons and $410 for January lessons Salaries and Wages payable 0 Employees were paid $2,900 for 10 days of work through December 28 They have not yet been paid for work on December 29 and 30 Income Tax Payable 0 The company has paid last years income tax but not this years tax Interest Payable 0 The company has not paid the $105 of interest owed on its note payable for the current period Note Payable (long term) 12,600 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 2,100 This is the balance reported at the end of last year Service Revenue 49,910 Most customers pay cash for lessons each time they are provided, but some customers pay in advance Salaries and Wages Expense 35,200 Employees worked through December 30, but did not work on December 31 Supplies Expense 1,500 This is the cost of supplies used through November 30 Interest Expense 0 The company has not paid the $105 of interest owed on its note payable for the current period Income Tax Expense 0 The company has an average tax rate of 20 Totals $ 68,120 $ 68,120 REQ 1 Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjusment for each pair REQ 2 Prepare the adjusting journal entries that are required at December 31, 2015 (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) REQ 3 Calculate the adjusted net income that the company should report for the year ended December 31, 2015 REQ 4 By how much did the adjustments in requirement (3) cause net income to increase or decrease

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Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2015, follows, along with information about selected accounts. Account Names Debit

Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2015, follows, along with information about selected accounts.

Account Names	Debit		Credit		Further Information
Cash	$	31,000			As reported on December 31 bank statement.
Supplies		420			Based on count, only $110 of supplies still exist.
Unearned Revenue			$	2,510	Of this amount, $2,100 was received for December lessons and $410 for January lessons.
Salaries and Wages payable				0	Employees were paid $2,900 for 10 days of work through December 28. They have not yet been paid for work on December 29 and 30.
Income Tax Payable				0	The company has paid last years income tax but not this years tax.
Interest Payable				0	The company has not paid the $105 of interest owed on its note payable for the current period.
Note Payable (long-term)				12,600	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				2,100	This is the balance reported at the end of last year.
Service Revenue				49,910	Most customers pay cash for lessons each time they are provided, but some customers pay in advance.
Salaries and Wages Expense		35,200			Employees worked through December 30, but did not work on December 31.
Supplies Expense		1,500			This is the cost of supplies used through November 30.
Interest Expense		0			The company has not paid the $105 of interest owed on its note payable for the current period.
Income Tax Expense		0			The company has an average tax rate of 20%.

Totals	$	68,120	$	68,120

REQ 1;

Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjusment for each pair.

REQ 2:

Prepare the adjusting journal entries that are required at December 31, 2015. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

REQ 3:

Calculate the adjusted net income that the company should report for the year ended December 31, 2015

REQ 4:

By how much did the adjustments in requirement (3) cause net income to increase or decrease?