Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello! I need help to answer this questions' parts, please! Thank you, CP4-4 Identifying and Preparing Adjusting Journal Entries lLO 4-1. LO 4 2. LO

Hello! I need help to answer this questions' parts, please!
Thank you, image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
CP4-4 Identifying and Preparing Adjusting Journal Entries lLO 4-1. LO 4 2. LO 4-3. LO 46] /The following information applies to the questions displayed below/ Golf Academy, Inc., provides private golf lessons. Its unadjusted tral balance at December 31, 2015, follows, along with Information about selected accounts. 31,000 As reported on December 31 bank statement. Supplies 420 Based on count, only $110 of supples stil exist. Unearned Revenue 2,510 of this amount, $2,100 was receved for December lessons and $410 for January lessons. Employees were pald $2,900 for 10 days of work through December 28, Salaries and Wages payable They have not yet been pald for work on December 29 and 30. Income Tax Payable 0 The company has pald last years Income tax but not this years tax. Interest Payable o The company has not paid the $105 of Interest owed on its note payable for the current perlod. Note Payable (ong-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. 49,910 Most customers pay cash for lessons each time they are provided, Service Revenue but some customers pay In advance. Employees worked through December 30, but did not work on Salaries and Wages Expense 35,200 December 31 Supplies Expense 1,500 This Is the cost of supplies used through November 30. Interest Expense The company has not pald the $105 of Interest owed on its note payable for the current perlod. Income Tax Expense The company has an average tax rate of 20% Totals $68,120 $68,120

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Nmap 6 Network Exploration And Security Auditing Cookbook

Authors: Calderon Pale Paulino

1st Edition

1849517487, 978-1849517485

More Books

Students also viewed these Accounting questions

Question

What is quality of work life ?

Answered: 1 week ago

Question

What is meant by Career Planning and development ?

Answered: 1 week ago

Question

What are Fringe Benefits ? List out some.

Answered: 1 week ago

Question

6. How do histories influence the process of identity formation?

Answered: 1 week ago