Account Names Debit Credit Cash $ 3,800 Supplies 4,300 Prepaid Rent Accounts Payable 6,000 Salaries and Wages Payable Income Tax Payable Further Information As reported on December 31 bank. statement. Based on count, only $1,300 of supplies still exist.. This amount was paid November 1 for rent through the end of January. $ 1,500 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $450 of utility services through December 31 for which it has not yet been billed. Stylists have not yet been paid $150 for their work on December 31. The company has paid last year's income taxes but not this year's taxes. 2,000 This amount was contributed for common. stock in prior years. 900 This is the balance reported at the end of last year. 75,800 Customers pay cash when they receive services. Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 29,100 Utilities Expense 12,200 Rent Expense 20,000 Supplies Expense 4,800 Income Tax Expense 0 Totals $ 80,200 $ 80,200 This is the cost of stylist wages through December 30. This is the cost of utilities through December 15. This year's rent was $2,000 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 30%. 3. Prepare the adjusting journal entries that are required at December 31, 2021. (If no entry is required for a transaction/event, sel- "No Journal Entry Required" in the first account field.)