Prepare the adjusting journal entries that are required at December 31, 2018.
Chapter 4 Homework i Saved Help Save & Exit Submit Check my work 4 Required information Part 3 of 4 [ The following information applies to the questions displayed below.] Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with 12.5 information about selected accounts. points Account Names Debit Credit Further Information Cash $ 3, 700 Supplies 4, 200 As reported on December 31 bank statement. Based on count, only $1, 250 of supplies still exist. eBook Prepaid Rent 5, 700 Accounts Payable $ 1, 450 This amount was paid November 1 for rent through the end of January. This represents the total amount of bills received for supplies and Print utilities through December 15. Val estimates that the company has received $440 of utility services through December 31 for which it has not yet been billed. Salaries and Wages 0 Payable Stylists have not yet been paid $100 for their work on December 31. Income Tax Payable 0 The company has paid last year s income taxes but not this year s taxes. Common Stock 1, 900 This amount was contributed for common stock in prior years. Retained Earnings 700 This is the balance reported at the end of last year. Service Revenue 74, 350 Customers pay cash when they receive services. Salaries and Wages 29, 000 Expense This is the cost of stylist wages through December 30. Utilities Expense 12, 100 19, 000 This is the cost of utilities through December 15. Rent Expense This year's rent was $1, 900 per month. Supplies Expense 4, 700 This is the cost of supplies used through November 30. Income Tax Expense The company has an average tax rate of 25%. Totals $78, 400 $78, 400
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