Required Information [The following information applies to the questions displayed below.] Learn to Play, Incorporated, is a one-person company that provides private plano 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 Income Tax Payable Interest Payable Notes Payable Common Stock Retained Earnings Debit $ 24,700 Credit 390 $ 1,590 0 Service Revenue Salaries and wages Expense 19,000 Supplies Expense 890 e Interest Expense 13,800 1,000 3,900 24,690 Income Tax Expense Totals e $ 44,980 $ 44,980 Further Information As reported on December 31 bank statement. Based on count, only $245 of supplies still exist. of this amount, $590 was received for December lessons and $1,000 for January lessons. The employee was paid $500 for 10 days of work through December 29. She has not yet been paid for work on December 30 and 31. The company has paid last year's income tax but not this year's taxes. The company has not paid the $115 of interest owed on its notes 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. The company's employee worked through December 31. This is the cost of supplies used through November 30. The company has not paid the $115 of interest owed on its notes payable for the current period. The company has an average tax rate of 30%. 3. Prepare the adjusting journal entries that are required at December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet 1 2 345 Record the adjusting entry for supplies. Note: Enter debits before credits. Transaction a General Journal Debit Credit Record entry Clear entry View general journal Required Information [The following information applies to the questions displayed below.] Learn to Play, Incorporated, is a one-person company that provides private plano 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 Income Tax Payable Interest Payable Notes Payable Common Stock Retained Earnings Debit $ 24,700 Credit 390 $ 1,590 Service Revenue Salaries and wages Expense Supplies Expense 19,000 890 e Interest Expense 13,800 1,000 3,900 24,690 Income Tax Expense Totals $ 44,980 $ 44,980 Further Information As reported on December 31 bank statement. Based on count, only $245 of supplies still exist. of this amount, $590 was received for December lessons and $1,000 for January lessons. The employee was paid $500 for 10 days of work through December 29. She has not yet been paid for work on December 30 and 31. The company has paid last year's income tax but not this year's taxes. The company has not paid the $115 of interest owed on its notes 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. The company's employee worked through December 31. This is the cost of supplies used through November 30. The company has not paid the $115 of interest owed on its notes payable for the current period. The company has an average tax rate of 30%. 4-a. Prepare the final Income statement for the company for the year ended December 31, 2021. 4-b. By what dollar amount did the adjustments in requirement (3) cause net income to increase or decrease? Complete this question by entering your answers in the tabs below. Req 4A Req 4B Prepare the final income statement for the company for the year ended December 31, 2021. LEARN TO PLAY, INCORPORATED Income Statement < Req 4A Req 4B >