Required information 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 Debit $ 3,300 3,000 Prepaid Rent 4,500 Accounts Payable Credit Further Information As reported on December 31 bank statement. Based on count, only $1,050 of supplies still exist. This amount was paid November 1 for rent through the end of January 5 1,250 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $400 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 Salaries and ages Payable Income Tax Payable Common Stock Retained Earnings Service Revenue last year. Salaries and Wages Expense their work on December 31. The company has paid last year's income taxes but not this year's taxes. 1,500 This amount was contributed for common stock in prior years: 900 This is the balance reported at the end of 67,558 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 $1,500 per month This is the cost of supplies used through November 30 The company has an average tax rate of 30% 5 71,200 28,600 Utilities Expense 11,700 15,000 Rent Expense Supplies Expense Income Tax Expense Totals 4,300 8 $ 21,200 PA4.4 (Algo) Part 2 2. Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pait 2. Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair Balance Sheet Account Related Income Statement Account Amount Adjustment (1) (2) (3) (4) (5