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, 2015, follows, along with information about selected accounts. Credit Further Information Debit $32,800 Account Names As reported on December 31 bank statement. Based on count, only $290 of supplies still exist. 780 Unearned Revenue $ 2,990 Of this amount, $2,400 was received for December lessons and $590 for January lessons. Employees were paid $1,900 for 10 days of work through December Salaries and Wages payable 0 28. They have not yet been paid for work on December 29 and 30. The company has paid last year's income tax but not this year's tax. The company has not paid the $115 of interest owed on its note payable for the current period. Income Tax Payable Interest Payable 0 0 Note Payable (long-term) Common Stock Retained Earnings Service Revenue 13,800 This one-year note was taken out this year on December 1 1,000 This amount was contributed for common stock in prior years. 3,900 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. Employees worked through December 30, but did not work on December 31 This is the cost of supplies used through November 30. The company has not paid the $115 of interest owed on its note payable for the current period. The company has an average tax rate of 20%. Salaries and Wages Expense 37000 Supplies Expense Interest Expense Income Tax Expense $73,880 $73,880