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Required information (The following information applies to the questions displayed below.) Learn to Play, Inc., is a one-person company that provides private plano lessons. Its
Required information (The following information applies to the questions displayed below.) Learn to Play, Inc., is a one-person company that provides private plano lessons. Its unadjusted tlal balance at December 31. 2018, follows, along with information about selected accounts. Debit $24,380 350 Account Nanes Cash Supplies Deferred Revenue Salaries and Wages Payable Income Tax Payable Interest Payable Notes Payable Connon Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals Credit Further Information As reported on December 31 bank statement. Based on count, only $225 of supplies still exist. $ 1,558 of this amount, $550 was received for December lessons and $1,6ee 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 38 and 31. The company has paid last year's income tax but not this year's taxes. 8 The company has not paid the $125 of interest owed on its notes payable for the current period. 15, eee This one-year note was taken out this year on December 1. 1,280 This amount was contributed for common stock in prior years. 3,500 This is the balance reported at the end of last year. 22,ase 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 $125 of interest owed on its notes payable for the current period. The company has an average tax rate of 30%. $44,100 18,600 ase $44,100 3. Prepare the adjusting Joumal entries that are required at December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 3 5 5 Record the adjusting entry for supplies. Note: Enter debits before credits Credit Transaction General Journal a Supplies Expense Supplies Debit 125 125 Record entry Clear entry View general Journal Journal entry worksheet
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