Required Information CP4-4 Identifying and Preparing Adjusting Journal Entries [LO 4-1, LO 4-2, LO 4-3, LO 4-6] [The following information applies to the questions displayed below.) Golf Academy. Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts. Account Names Debit Credit Further Information Cash $31,800 As reported on December 31 bank statement. Supplies 580 Based on count, only $190 of supplies still exist. Deferred Revenue $ 2,390 Of this amount, $1,990 was received for December lessons and $490 for January lessons. Salaries and Wages payable @ Employees were paid $2,100 for 10 days of work through December 28. They have not yet been paid for work on December 29 and 30. Income Tax Payable The company has paid last year's income tax but not this year's tax. Interest Payable The company has not paid the $125 of interest owed on its notes payable for the current period. Notes Payable (long-term) 15,880 This one-year note was taken out this year on December 1. Common Stock 1, eee This amount was contributed for common stock in prior years. Retained Earnings 2,989 This is the balance reported at the end of last year. Service Revenue 49,390 Most customers pay cash for lessons each time they are provided, but some customers pay in advance. Salaries and Wages Expense 36,eee Employees worked through December 30, but did not work on December 31. Supplies Expense 2,380 This is the cost of supplies used through November 30. Interest Expense The company has not paid the $125 of interest owed on its notes payable for the current period. Income Tax Expense The company has an average tax rate of 20%. Totals $78,680 $70,680 a CP4-4 Part 3 3. Prepare the adjusting journal 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.) Answer is not complete. No Transaction General Journal Debit Credit 1 Supplies Expense Supplies SIS 2.300 580 X 2 b 2,390 Deferred Revenue Service Revenue >> 49,300 3 c Salaries and Wages Expense Salaries and Wages Payable 4 d Interest Expense Interest Payable 5 e > Income Tax Expense Income Tax Payable