PA4-4 (Algo) Identifying and Preparing Adjusting Journal Entries [LO 4-1, LO 4-2, LO 4-3, LO 4-6] The following information applies to the questions displayed below.] al's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2021, follows, along with nformation about selected accounts. Account Names Credit Further Information Cash Debit $ 3,500 As reported on December 31 bank statement. Supplies 4,000 Based on count, only $1,150 of supplies still exist. Prepaid Rent 5,100 This amount was paid November 1 for rent through the end of January. Accounts Payable $ 1,350 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $420 of utility services through December 31 for which it has not yet been billed. Salaries and Wages Payable 0 Stylists have not yet been paid $200 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 1,700 This amount was contributed for common stock in prior years. Retained Earnings 800 This is the balance reported at the end of last year.

PA4-4 (Algo) Identifying and Preparing Adjusting Journal Entries [LO 4-1, LO 4-2, LO 4-3, LO 4-6] The following information applies to the questions displayed below.] al's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2021, follows, along with nformation about selected accounts. Account Names Credit Further Information Cash Debit $ 3,500 As reported on December 31 bank statement. Supplies 4,000 Based on count, only $1,150 of supplies still exist. Prepaid Rent 5,100 This amount was paid November 1 for rent through the end of January. Accounts Payable $ 1,350 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $420 of utility services through December 31 for which it has not yet been billed. Salaries and Wages Payable 0 Stylists have not yet been paid $200 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 1,700 This amount was contributed for common stock in prior years. Retained Earnings 800 This is the balance reported at the end of last year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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