Q3

Required: 1. Calculate the (preliminary) unadjusted net income for the year ended December 31, 2017. VAL'S HAIR EMPORIUM Unadjusted Income Statement For the Year Ended December 31, 2017 Hairstyling revenue $ Expenses: Wages expense 75,800 Utilities expense 29,100 12,200 20,000 4,800 Rent expense Supplies expense Total expenses 66,100 9,700 Net income 1$ 2. Name the five pairs of balance sheet and income statement accounts that require adjustment. Balance Sheet Account Supplies Prepaid rent Accounts payable Wages expense Income taxes payable Related Income Statement Account Supplies expense Rent expense Utilities expense Wages expense Income tax expense 3. Calculate the desired balances for each account listed in the unadjusted trial balance. VAL'S HAIR EMPORIUM Adjusted Trial Balance At December 31, 2017 Debit Account Titles Credit Totals $ 0 $ 0