Golf Academy, Inc , provides private golf lessons Its unadjusted trial balance at December 31, 2015, follows, along with information about selected accounts Required 1 Calculate the (preliminary) unadjusted net income for the year ended December 31, 2015 2 Name the five pairs of balance sheet and i...

Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2015, follows, along

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Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2015, follows, along with information about selected accounts.

Account Names Cash Supplies Unearned Revenue Salaries and Wages Payable Income Tax Payable Interest Payable

Required:
1. Calculate the (preliminary) unadjusted net income for the year ended December 31, 2015.
2. Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair.
3. Prepare the adjusting journal entries that are required at December 31, 2015.
4. Calculate the adjusted net income that the company should report for the year ended December 31, 2015. By how much did the adjustments in requirement (3) cause net income to increase or decrease?

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Related Book For book-img-for-question

Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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Question Posted: Dec 15, 2023 08:02 AM

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Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2015, follows, along

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Fundamentals of Financial Accounting

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