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Required information (The following information applies to the questions displayed below.) Learn to Play, Incorporated, is a one-person company that provides private piano lessons. Its
Required information (The following information applies to the questions displayed below.) Learn to Play, Incorporated, is a one-person company that provides private piano lessons. Its unadjusted trial balance at December 31, 2021, follows, along with information about selected accounts. Credit Account Names Cash Supplies Deferred Revenue Debit $ 24,000 320 $ 1,520 Salaries and Wages Payable Income Tax Payable 0 Interest Payable 0 Notes Payable 13,200 Further Information As reported on December 31 bank statement. Based on count, only $210 of supplies still exist. of this amount, $520 was received for December lessons and $1,000 for January lessons. The employee was paid $700 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 $110 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 $110 of interest owed on its notes payable for the current period. The company has an average tax rate of 25%. Common Stock 1,200 Retained Earnings 3,200 Service Revenue 24,320 Salaries and Wages Expense Supplies Expense 18,300 820 Interest Expense 0 Income Tax Expense Totals 0 $ 43, 440 $ 43, 440 Journal entry worksheet 1 2 3 4 5 > Record the adjusting entry for supplies. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general Journal Journal entry worksheet Record the adjusting entry for wages earned, but not yet paid. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 Record the adjusting entry for interest owed, but not yet paid. Note: Enter debits before credits. General Journal Debit Credit Transaction d Record entry Clear entry View general Journal Journal entry worksheet Record the adjusting entry for income tax owed, but not yet paid. Note: Enter debits before credits. Transaction General Journal Debit Credit e Record entry Clear entry View general Journal
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