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 Debit $ 31,300 480 Credit Further Information As reported on December 31 bank statement. Based on count, only $140 of supplies still exist. of this amount, $2,400 was received for $ 2,840 December lessons and $440 for January lessons. 0 0 Employees were paid $2,600 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 $120 of 0 interest owed on its notes payable for the current period. This one-year note was taken out this year on December 1. Income Tax Payable Interest Payable Notes Payable (long-term) 14,400 Common Stock 1,000 This amount was contributed for common stock in prior years. Retained Earnings This is the balance reported at the end of last year. Service Revenue Salaries and Wages Expense 35,500 Supplies Expense 1,800 Interest Expense Income Tax Expense Totals 0 0 2,400 Most customers pay cash for lessons each 48,440 time they are provided, but some customers pay in advance. $ 69,080 $ 69,080 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 $120 of interest owed on its notes payable for the current period. The company has an average tax rate of 20%.