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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffc6e20ea-c366-4e72-a293-8892cf08fd94%2F292b2b0e-a5e6-46bc-84e5-708da29878f3%2F81rkm6_processed.jpeg&w=3840&q=75)
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
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education