Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

I cannot get any of this figured out correctly, besides putting the accounts in the correct order. Is there anyway I can get help with

I cannot get any of this figured out correctly, besides putting the accounts in the correct order. Is there anyway I can get help with this please?image text in transcribedimage text in transcribed

Required information [The following information applies to the questions displayed below] Part 3 of 4 Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Credit Account Names Cash Supplies Prepaid Rent Debit $ 3,800 4,300 6,000 Accounts Payable $ 1,500 Salaries and Wages 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 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. 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 $2,000 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 30%. Income Tax Payable 2,000 900 75,800 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Totals 29,100 12,200 20,000 4,800 $80,200 $80,200 3. Prepare the adjusting journal entries that are required at December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Transaction General Journal Debit Credit Supplies Expense Supplies ooo b Rent Expense Prepaid Rent Utilities Expense Accounts Payable 0 d Salaries and Wages Expense Salaries and Wages Payable 0 Income Tax Expense Income Tax Payable Mc Graw HIII Education

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Taxation Of Individuals And Business Entities 2015

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

6th Edition

9780077862367

Students also viewed these Accounting questions