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What are the 5 pairs from the list above that needs adjustments? And what amounts are with each adjustment?

What are the 5 pairs from the list above that needs adjustments? And what amounts are with each adjustment?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What are the 5 pairs from the list above that needs adjustments? And what amounts are with each adjustment?
Pl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/questi ass #1 i Saved Help Save & E: Chec Required information [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 $31,900 As reported on December 31 bank statement. Based on count, only $200 of supplies still exist. Of this amount, $3,000 was received for December lessons and $500 for January lessons. Employees were paid $1,000 for 10 days of work through December 28. They have not yet been paidi for work on Supplies Deferred Revenue 600 $ 3,500 Salaries and Wages payable December 29 and 30. Income Tax Payable The company has paid last year's year's tax. The company has not paid the $100 of interest owed on its notes payable for the current period. This income tax but not this Interest Payable Notes Payable (long-term) Common Stock 12,000 one-year note was taken out this year on December 1. amount was contributed for common stock in prior 1,000 This uP STUT years. Retained Earnings Service Revenue 3,000 51,500 This is the balance reported at the end of last year. Most customers pay cash for lessons provided, but some customers pay in advance. Employees worked through December 30, but did not work on December 31. each time they are Salaries and Wages Expense 36,100 Supplies Expense Interest Expense 2,400 This is the cost of supplies used through November 30. The company has not paid the $100 of interest owed on its notes payable for the current period. The company has an average tax rate of 30%. Income Tax Expense Totals $71,000 $71,000 2 Namn the fiun naire of halancn hoot and incomn statemont accounte that roguirn adiuctmont and indicatn the amount of Prey 1 of 2 Next > W 29
Transcribed Image Text:Pl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/questi ass #1 i Saved Help Save & E: Chec Required information [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 $31,900 As reported on December 31 bank statement. Based on count, only $200 of supplies still exist. Of this amount, $3,000 was received for December lessons and $500 for January lessons. Employees were paid $1,000 for 10 days of work through December 28. They have not yet been paidi for work on Supplies Deferred Revenue 600 $ 3,500 Salaries and Wages payable December 29 and 30. Income Tax Payable The company has paid last year's year's tax. The company has not paid the $100 of interest owed on its notes payable for the current period. This income tax but not this Interest Payable Notes Payable (long-term) Common Stock 12,000 one-year note was taken out this year on December 1. amount was contributed for common stock in prior 1,000 This uP STUT years. Retained Earnings Service Revenue 3,000 51,500 This is the balance reported at the end of last year. Most customers pay cash for lessons provided, but some customers pay in advance. Employees worked through December 30, but did not work on December 31. each time they are Salaries and Wages Expense 36,100 Supplies Expense Interest Expense 2,400 This is the cost of supplies used through November 30. The company has not paid the $100 of interest owed on its notes payable for the current period. The company has an average tax rate of 30%. Income Tax Expense Totals $71,000 $71,000 2 Namn the fiun naire of halancn hoot and incomn statemont accounte that roguirn adiuctmont and indicatn the amount of Prey 1 of 2 Next > W 29
$71,000 2.5 points 2. Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair. eBook Print References Adj. Balance sheet account Related income statement account Amount (1) Supplies Supplies Expense $ 200 (2) Deferred Revenue (3) (4) (5) Mc Graw Hill Prev 1 of 2 Next > Education JAN 29 W
Transcribed Image Text:$71,000 2.5 points 2. Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair. eBook Print References Adj. Balance sheet account Related income statement account Amount (1) Supplies Supplies Expense $ 200 (2) Deferred Revenue (3) (4) (5) Mc Graw Hill Prev 1 of 2 Next > Education JAN 29 W
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