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gir lessoris. Is uauhu uunc butt olf Academy, Inc., provides privat formation about selected accounts. Debit $31,000 420 Credit Further Information Account Names Cash Supplies Deferred Revenue Salaries and Wages payable As reported on December 31 bank statement. Based on count, only $110 of supplies still exist. $410 for January lessons. December 28. Ty have not yet been paid for work on 2,510 of this amount, $2,10e was received for December lessons and 0 Employees were paid $2,900 for 10 days of work through December 29 and 30. year's tax notes payable for the current period. 0 The company has paid last year's income tax but not this Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock Retained Earnings 0 The company has not paid the $105 of interest owed on its 12,600 This one-year note was taken out this year on December 1. 1,000 This amount was contributed for common stock in prior years. 2,100 This is the balance reported at the end of last year Service Revenue 49,910 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. Salaries and Wages Expense 35,200 Supplies Expense Interest 1,500 The company has not paid the $105 of interest owe notes payable for the current period. Expense Income Tax Expense Totals The company has an average tax rate of 20%. $68,120 $68,120

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