[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 Debit Credit Further Information Cash 5 3,300 As reported on December 31 bank statement. Supplies 3,800 Based on count, only $1,050 of supplies still exist Prepaid Rent 4,500 This amount was paid November 1 for rent through the end of January Accounts Payable 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 5400 of utility services through December 31 for which it has not yet been billed Salaries and Stages Payable Stylists have not yet been paid $150 for their work on December 31 Income Tax Payable The company has paid last year's income taxes but not this year's taxes. Common Stock 1,500 This amount was contributed for common stock in prior years Retained Earnings 900 This is the balance reported at the end of last year Service Revenue Salaries and Wages Expense 28,600 utilities Expense 11,700 Rent Expense Supplies Expense Income Tax Expense Totals 67,550 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 15,000 4,300 571,200 PA4.4 (Algo) Part 3 3. Prepare the adjusting journal entries that are required at December 31, 2021 (I no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet