PA4-4 (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. Account Names Cash Supplies Prepaid Rent Debit $ 4,800 Credit 5,300 9,000 Accounts Payable. Salaries and Wages Payable Income Tax Payable Common Stock Further Information. As reported on December 31 bank statement. Based on count, only $1,800 of supplies still exist. This amount was paid November 1 for rent through the end of January. $2,000 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $550 of utility services through December 31 for which it has not yet been billed. 0 Stylists have not yet been paid $200 for their work on December 31. 0 The company has paid last year's income taxes but not this year's taxes. 3,000 This amount was contributed for common stock in prior years. 800 This is the balance reported at the end of last year. 92,400 Customers pay cash when they receive Retained Earnings Service Revenue Salaries and Wages Expense 30,100 Utilities Expense 13,200 Rent Expense 30,000 Supplies Expense 5,800 0 Totals $ 98,200 $ 98,200 Income Tax Expense 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 $3,000 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 20%.