Required Information [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 Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Debit $ 3,800 Credit 4,300 6,000 12,200 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. $ 1,500 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates 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. 2,000 This amount was contributed for common stock in prior years. 900 This is the balance reported at the end of last year. 75,800 Customers pay cash when they receive Retained Earnings Service Revenue Salaries and Wages Expense 29,100 Utilities Expense Rent Expense Supplies Expense Income Tax Expense 0 Totals $ 80,200 $ 80,200 20,000 4,800 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%. 2. Name the five pairs of balance sheet and Income statement accounts that require adjustment and Indicate the amount of adjustment for each pair. Answer is complete but not entirely correct. Adjustment Balance Sheet Account (1) Supplies Related Income Statement Account Supplies Expense Amount S 3,000 (2) Prepaid Rent Rent Expense 4,000 (3) Accounts Payable Utilities Expense 450 (4) Salaries and Wages Payable Salaries and Wages Expense 150 (5) Income Tax Payable Income Tax Expense 525