4. Prepare the adjusting journal entries that are required at December 31, 2017. (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 4. Prepare the adjusting journal entries that are required at December 31, 2017. (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 2 3 1 5 > Record the rent expense. Note: Enter debits before credits General Journal Debit Credit Transaction b. Record entry Clear entry View general Journal 4. Prepare the adjusting journal entries that are required at December 31, 2017. (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 4. Prepare the adjusting journal entries that are required at December 31, 2017. (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 2 3 4 5 > Record the amount of income tax. Note: Enter debits before credits General Journal Dobit Credit Transaction d. Racord entry Clear entry View general Journal 4. Prepare the adjusting journal entries that are required at December 31, 2017. Of no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 4 5 Record the utilities expense. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Val's Hair Emporium is a hair salon. Its unadjusted trial balance as of December 31, 2017, follows, along with information about selected accounts. Account Name Credit Supplies Prepaid Rent Accounts Payable Debit $ 38,300 10,300 15,000 $ 3,000 0 Wages Payable Income Tax Payable Contributed Capital Retained Earnings Hair Styling Revenue Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Further Information As reported on December 31 bank statement. Based on count, only $4,700 of supplies still exist. 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 $1,200 of utility services through December 31 for which it has not yet been billed. Stylists have not yet been paid $300 for their work on December 31. The company has paid last yeat's income taxes but not this year's taxes. This amount was contributed to the company in prior years. This is the balance reported at the end of last year Customers pay cash when they receive services. This is the cost of stylist wages through December 30. This is the cost of utilities through December 15. This year's rent was $5,000 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 30 percent. 0 3,500 3,900 165,800 36,600 16,700 50,000 9,300 0 Totals $176,200 $176,200
