What are the 5 pairs fromthe list above that needs adjustments? And what amounts are with each adjustment? Pl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/questiass #1 iSavedHelpSave & E:ChecRequired 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 withinformation about selected accounts.Account NamesDebitCreditFurther InformationCash$31,900As reported on December 31 bank statement.Based on count, only $200 of supplies still exist.Of this amount, $3,000 was received for December lessonsand $500 for January lessons.Employees were paid $1,000 for 10 days of work throughDecember 28. They have not yet been paidi for work onSuppliesDeferred Revenue600$ 3,500Salaries and Wages payableDecember 29 and 30.Income Tax PayableThe company has paid last year'syear's tax.The company has not paid the $100 of interest owed on itsnotes payable for the current period.Thisincometax but not thisInterest PayableNotes Payable (long-term)Common Stock12,000one-year note was taken out this year on December 1.amount was contributed for common stock in prior1,000ThisuP STUTyears.Retained EarningsService Revenue3,00051,500This is the balance reported at the end of last year.Most customers pay cash for lessonsprovided, but some customers pay in advance.Employees worked through December 30, but did not work onDecember 31.eachtime they areSalaries and Wages Expense36,100Supplies ExpenseInterest Expense2,400This is the cost of supplies used through November 30.The company has not paid the $100 of interest owed on itsnotes payable for the current period.The company has an average tax rate of 30%.Income Tax ExpenseTotals$71,000$71,0002 Namn the fiun naire of halancnhoot and incomn statemont accounte that roguirn adiuctmont and indicatn the amount ofPrey1 of 2Next >W29 $71,0002.5points2. Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount ofadjustment for each pair.eBookPrintReferencesAdj.Balance sheet accountRelated income statement accountAmount(1)SuppliesSupplies Expense$200(2)Deferred Revenue(3)(4)(5)McGrawHillPrev1 of 2Next >EducationJAN29W

Income tax expense expenses in the profit or loss account typically consists of: Current tax Under…

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

Fundamentals Of Financial Management, Concise Edition (mindtap Course List)

10th Edition

ISBN:9781337902571

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter4: Analysis Of Financial Statements

Section: Chapter Questions

Problem 3TCL: CONDUCTING A FINANCIAL RATIO ANALYSIS ON HP INC. Use online resources to work on this chapters...

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