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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 Cash
Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2015, follows, along with information about selected accounts Account Names Cash Supplies Unearned Revenue Credit Further Information Debit $30,900 As reported on December 31 bank statement. Based on count, only $100 of supplies still exist. Of this amount, $2,000 was received for December lessons and $400 for January lessons Employees were paid $3,000 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 years income tax but not this years tax. The company has not paid the $110 of interest owed on its note payable for the current period 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 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 $110 of interest owed on its note payable for the current period The company has an average tax rate of 20%. 400 $ 2,400 Salaries and Wages payable Income Tax Payable Interest Payable 0 Note Payable (long-term) Common Stock Retained Earnings Service Revenue 13,200 1,000 2,000 49,200 Salaries and Wages Expense 35,100 Supplies Expense Interest Expense 1,400 0 Income lax Expense 0 Totals $67,800 $67,800
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