2. Name the five pairs of balance sheet and income statement accounts that require adjustment.

3. Calculate the desired balances for each account listed in the unadjusted trial balance.

4. Prepare the adjusting journal entries that are required at December 31, 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

5a. Calculate the adjusted net income that the company should report for the year ended December 31, 2020.

5b. By how much did the adjustments in requirement (4) cause net income to increase or decrease?

Val's Hair Emporium is a hair salon. Its December 31, 2020, unadjusted trial balance follows, along with information about selected accounts. Required: 1. Calculate the (preliminary) unadjusted net income for the year ended December 31, 2020