Credit Account Names Cash Supplies Debit $ 4,600 5,109 Prepaid Rent 8,400 Accounts Payable $ 1,990 Salaries and Wages Payable Income Tax Payable Further Information As reported on December 31 bank statement. Based on count, only $1,700 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 $530 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. 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. 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 $2,800 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 30%. 2,800 Common Stock 700 Retained Earnings 89,200 Service Revenue 29,900 Salaries and Wages Expense 13,000 Utilities Expense Rent Expense Supplies Expense 28,000 5,600 Income Tax Expense Totals 0 $ 94,600 $ 94,600 COP PA4-4 (Algo) Part 2 2 Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair Adjustment Balance Sheet Account Related Income Statement Account Amount (2) (3) (5) 1 2 3 4 5 Record the adjusting entry for supplies. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal