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Required information Skip to question [ The following information applies to the questions displayed below. ] Golf Academy, Incorporated, provides private golf lessons. Its unadjusted
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The following information applies to the questions displayed below.
Golf Academy, Incorporated, provides private golf lessons. Its unadjusted trial balance at December follows, along with information about selected accounts.
Account Names Debit Credit Further Information
Cash $ As reported on December bank statement.
Supplies Based on count, only $ of supplies still exist.
Deferred Revenue $ Of this amount, $ was received for December lessons and $ for January lessons.
Salaries and Wages Payable Employees were paid $ for days of work through December They have not yet been paid for work on December and
Income Tax Payable The company has paid last years income tax but not this years tax.
Interest Payable The company has not paid the $ of interest owed on its notes payable for the current period.
Notes Payable longterm This oneyear note was taken out this year on December
Common Stock 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 Most customers pay cash for lessons each time they are provided, but some customers pay in advance.
Salaries and Wages Expense Employees worked through December but did not work on December
Supplies Expense This is the cost of supplies used through November
Interest Expense The company has not paid the $ of interest owed on its notes payable for the current period.
Income Tax Expense The company has an average tax rate of
Totals $ $
Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair.
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