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...
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Prepare the adjusting journal entries that are required at December 31,

2018.2019-10-01.png

2019-10-01.png

Chapter 4 Homework i
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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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