Required informationCP$4-4($Algo$)$ Identifying and Preparing Adjusting Journal Entries $[$LO $4-1,$ LO $4-2,$ LO $4-3,$ LO $4-6]$Skip to question$[$The following information applies to the questions displayed below.$]$ Golf Academy, Incorporated, provides private golf lessons. Its unadjusted trial balance at December $31,2021,$ follows, along with information about selected accounts. Account NamesDebitCreditFurther InformationCash$ $32,000$ As reported on December $31$ bank statement.Supplies$620$ Based on count, only $$210$ of supplies still exist.Deferred Revenue $ $3,000$Of this amount, $$2,600$ was received for December lessons and $$400$ for January lessons.Salaries and Wages Payable $0$Employees were paid $$1,100$ for $10$ days of work through December $28.$ They have not yet been paid for work on December $29$ and $30.$Income Tax Payable $0$The company has paid last years income tax but not this years tax.Interest Payable $0$The company has not paid the $$105$ of interest owed on its notes payable for the current period.Notes Payable $($long$-$term$)12,600$This one$-$year note was taken out this year on December $1.$Common Stock $1,000$This amount was contributed for common stock in prior years.Retained Earnings $3,100$This is the balance reported at the end of last year.Service Revenue $51,620$Most customers pay cash for lessons each time they are provided, but some customers pay in advance.Salaries and Wages Expense$36,200$ Employees worked through December $30$ but did not work on December $31.$Supplies Expense$2,500$ This is the cost of supplies used through November $30.$Interest Expense$0$ The company has not paid the $$105$ of interest owed on its notes payable for the current period.Income Tax Expense$0$ The company has an average tax rate of $20\%.$Totals$ $71,320$$ $71,320$ CP$4-4($Algo$)$ Part $2$Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair.