PA$4-4($Algo$)$ Identifying and Preparing Adjusting Journal Entries $[$LO $4-1,$ LO $4-2,$ LO $4-3,$ LO $4-6]$

$[$The following information applies to the questions displayed below.$]$

Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December $31,2021,$ follows, along with information about selected accounts.

$\backslash$table$[[$Account Names,Debit,Credit,Further Information$],[$Cash$,$$$4,100,,\backslash$table$[[$As reported on December $31$ bank$],[$statement$.]]],[$Supplies$,4,600,,\backslash$table$[[$Based on count, only $$1,450$ of supplies$],[$still exist.$]]],[$Prepaid Rent,$6,900,,\backslash$table$[[$This amount was paid November $1$ for rent$],[$through the end of January.$]]],[$Accounts Payable,,$$1,650,\backslash$table$[[$This represents the total amount of bills$],[$received for supplies and utilities$],[$through December $15.$ Val estimates that$],[$the company has received $$480$ of utility$],[$services through December $31$ for which it$],[$has not yet been billed.$]]],[$Salaries and Wages Payable,,$0,\backslash$table$[[$Stylists have not yet been paid $$150$ for$],[$their work on December $31.]]],[$Income Tax Payable,,$0,\backslash$table$[[$The company has paid last year's income$],[$taxes but not this year's taxes.$]]],[$Common Stock,,$2,300,\backslash$table$[[$This amount was contributed for common$],[$stock in prior years.$]]],[$Retained Earnings,,$900,\backslash$table$[[$This is the balance reported at the end$],[$of last year.$]]],[$Service Revenue,,$80,750,\backslash$table$[[$Customers pay cash when they receive$],[$services$.]]],[$Salaries and Wages Expense,$29,400,,\backslash$table$[[$This is the cost of stylist wages through$],[$December $30.]]],[$Utilities Expense,$12,500,,\backslash$table$[[$This is the cost of utilities through$],[$December $15.]]],[\backslash$table$[[$Rent Expense$],[$Supplies Expense$]],\backslash$table$[[23,000],[5,100]],,\backslash$table$[[$This year's rent was $$2,300$ per month.$],[$This is the cost of supplies used through$],[$November $30.]]],[$Income Tax Expense,$0,,\backslash$table$[[$The company has an average tax rate of$],[30\%.]]],[$Totals$,$$$85,600,$$$85,600,]]$M