2 Part 2 of 4 1.25 points 02:21:07 eBook Print 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.] 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 Cash Supplies Prepaid Rent Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Totals PA4-4 (Algo) Part 2 Debit $ 3,700 4,200 5,700 29,000 12,100 19,000 4,700 0 Credit This amount was paid November 1 for rent through the end of January. $ 1,450 This represents the total amount of bills 0 1,900 Further Information As reported on December 31 bank statement. Based on count, only $1,250 of supplies still exist. The company has paid last year's income taxes but not this year's taxes. This amount was contributed for common stock in prior years. This is the balance reported at the end of last year. 74,350 Customers pay cash when they receive services. 700 $78,400 $ 78,400 received for supplies and 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. Stylists have not yet been paid $100 for their work on December 31. This is the cost of stylist wages through December 30. This is the cost of utilities through December 15. This year's rent was $1,900 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 25%. 2. Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair.

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.] Val's Hair Emporium operates a hair salon, its unadjusted trial balance as of December 31, 2021, follows, alang with information about selected accounts. PA4-4 (Algo) Part 2 2. Wame the five pais of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment tor each pais