Required information (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, 2021, follows, along with information about selected accounts. Account Names Debit Credit Further Information Cash $ 4,700 As reported on December 31 bank statement. 5,200 Based on count, only $1,750 of supplies still exist. Supplies Prepaid Rent 8,700 This amount was paid November 1 for rent through the end of January. This represents the total amount of bills Accounts Payable $ 1,950 received for supplies and utilities through December 15. Val estimates that the company has received $540 of utility services through December 31 for which it has not yet been billed. 0 Stylists have not yet been paid $150 for Salaries and Wages Payable their work on December 31. Income Tax Payable The company has paid last year's income taxes but not this year's taxes. Common Stock 2,900 This amount was contributed for common stock in prior years. This is the balance reported at the end of last year. Retained Earnings 900 Service Revenue 90,650 Customers pay cash when they receive services. Salaries and Wages Expense 30,000 This is the cost of stylist wages through December 30. Utilities Expense 13,100 This is the cost of utilities through December 15. Rent Expense Supplies Expense This year's rent was $2,900 per month. This is the cost of supplies used through 29,000 5,700 November 30. Income Tax Expense The company has an average tax rate of 30%. Totals $ 96,400 $ 96,400
Required information (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, 2021, follows, along with information about selected accounts. Account Names Debit Credit Further Information Cash $ 4,700 As reported on December 31 bank statement. 5,200 Based on count, only $1,750 of supplies still exist. Supplies Prepaid Rent 8,700 This amount was paid November 1 for rent through the end of January. This represents the total amount of bills Accounts Payable $ 1,950 received for supplies and utilities through December 15. Val estimates that the company has received $540 of utility services through December 31 for which it has not yet been billed. 0 Stylists have not yet been paid $150 for Salaries and Wages Payable their work on December 31. Income Tax Payable The company has paid last year's income taxes but not this year's taxes. Common Stock 2,900 This amount was contributed for common stock in prior years. This is the balance reported at the end of last year. Retained Earnings 900 Service Revenue 90,650 Customers pay cash when they receive services. Salaries and Wages Expense 30,000 This is the cost of stylist wages through December 30. Utilities Expense 13,100 This is the cost of utilities through December 15. Rent Expense Supplies Expense This year's rent was $2,900 per month. This is the cost of supplies used through 29,000 5,700 November 30. Income Tax Expense The company has an average tax rate of 30%. Totals $ 96,400 $ 96,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
[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, 2021, follows, along with
information about selected accounts.
Account Names
Debit
Credit
Further Information
Cash
$ 4,700
As reported on December 31 bank
statement.
Supplies
5,200
Based on count, only $1,750 of supplies
still exist.
Prepaid Rent
8,700
This amount was paid November 1 for rent
through the end of January.
This represents the total amount of bills
received for supplies and utilities
through December 15. Val estimates that
the company has received $540 of utility
services through December 31 for which it
Accounts Payable
$ 1,950
has not yet been billed.
Salaries and Wages Payable
Stylists have not yet been paid $150 for
their work on December 31.
Income Tax Payable
The company has paid last year's income
taxes but not this year's taxes.
Common Stock
2,900
This amount was contributed for common
stock in prior years.
Retained Earnings
900
This is the balance reported at the end
of last year.
Service Revenue
90,650
Customers pay cash when they receive
services.
Salaries and Wages Expense
30,000
This is the cost of stylist wages through
December 30.
Utilities Expense
13,100
This is the cost of utilities through
December 15.
This year's rent was $2,900 per month.
This is the cost of supplies used through
Rent Expense
29,000
Supplies Expense
5,700
November 30.
Income Tax Expense
The company has an average tax rate of
30%.
Totals
$ 96,400
$ 96,400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F47de7bbc-c2d0-4fee-bbea-c7bfeb095d9e%2F245de263-2831-4511-8888-02b753955977%2Fxchtej_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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, 2021, follows, along with
information about selected accounts.
Account Names
Debit
Credit
Further Information
Cash
$ 4,700
As reported on December 31 bank
statement.
Supplies
5,200
Based on count, only $1,750 of supplies
still exist.
Prepaid Rent
8,700
This amount was paid November 1 for rent
through the end of January.
This represents the total amount of bills
received for supplies and utilities
through December 15. Val estimates that
the company has received $540 of utility
services through December 31 for which it
Accounts Payable
$ 1,950
has not yet been billed.
Salaries and Wages Payable
Stylists have not yet been paid $150 for
their work on December 31.
Income Tax Payable
The company has paid last year's income
taxes but not this year's taxes.
Common Stock
2,900
This amount was contributed for common
stock in prior years.
Retained Earnings
900
This is the balance reported at the end
of last year.
Service Revenue
90,650
Customers pay cash when they receive
services.
Salaries and Wages Expense
30,000
This is the cost of stylist wages through
December 30.
Utilities Expense
13,100
This is the cost of utilities through
December 15.
This year's rent was $2,900 per month.
This is the cost of supplies used through
Rent Expense
29,000
Supplies Expense
5,700
November 30.
Income Tax Expense
The company has an average tax rate of
30%.
Totals
$ 96,400
$ 96,400
Transcribed Image Text:3. Prepare the adjusting journal entries that are required at December 31, 2021. (If no entry is required for a transaction/event, select
"No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
1
3 4
Record the adjusting entry for supplies.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
a
Record entry
Clear entry
View general journal
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