Required information CP4-4 (Algo) Identifying and Preparing Adjusting Journal Entries [LO 4-1, LO 4-2, LO 4-3, LO 4-6] Skip to question [The following information applies to the questions displayed below.] Golf Academy, Incorporated, provides private golf lessons. Its unadjusted trial balance at December 31, 2021, follows, along with information about selected accounts. Account Names Debit Credit Further Information Cash $ 31,100 As reported on December 31 bank statement. Supplies 440 Based on count, only $120 of supplies still exist. Deferred Revenue $ 2,620 Of this amount, $2,200 was received for December lessons and $420 for January lessons. Salaries and Wages Payable 0 Employees were paid $2,800 for 10 days of work through December 28. They have not yet been paid for work on December 29 and 30. Income Tax Payable 0 The company has paid last years income tax but not this years tax. Interest Payable 0 The company has not paid the $100 of interest owed on its notes payable for the current period. Notes Payable (long-term) 12,000 This one-year note was taken out this year on December 1. Common Stock 1,000 This amount was contributed for common stock in prior years. Retained Earnings 2,200 This is the balance reported at the end of last year. Service Revenue 50,620 Most customers pay cash for lessons each time they are provided, but some customers pay in advance. Salaries and Wages Expense 35,300 Employees worked through December 30 but did not work on December 31. Supplies Expense 1,600 This is the cost of supplies used through November 30. Interest Expense 0 The company has not paid the $100 of interest owed on its notes payable for the current period. Income Tax Expense 0 The company has an average tax rate of 30%. Totals $ 68,440 $ 68,440 CP4-4 (Algo) Part 1 Required: Prepare the (preliminary) unadjusted net income statement for the year ended December 31, 2021