Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i really need help on posting adjustments i dont know where to start Check Val's Hair Emporium operates a hair salon. Its unadjusted trial balance

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
i really need help on posting adjustments i dont know where to start
Check 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 0 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 This represents the total amount of bills received for supplies and utilities through December 15. Val estimate 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% 0 Common Stock 2.000 900 75, 800 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, 200 580, 200 Journal entry worksheet D Record the adjusting entry for rent. Note: Enter debits before credits. Debit General Journal Transaction Credit b View general journal Clear entry Record entry S Naut Journal entry worksheet Record the adjusting entry for utilises expense. Note: Enter debits before credits. Transaction General Journal Debit Credit C Record entry Clear entry View general journal Journal entry worksheet Record the adjusting entry for salaries and wages. Note: Enter debits before credits. General Journal Debit Credit Transaction d Clear entry Record entry View general journal Journal entry worksheet Record the adjusting entry for income tax. Note: Enter debits before credits Transaction General Journal Debit Credit e View general journal Clear entry Record entry

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

College Accounting A Practical Approach

Authors: Jeffrey Slater, Debra Good

14th Canadian Edition

0135222419, 978-0135222416

More Books

Students also viewed these Accounting questions

Question

What tasks will you choose to start?

Answered: 1 week ago