Connect 3 (Financial Chapter 4 Homework Var's Hair Emporium operes a hair salon sunausted til balance as of December with information about selected accounts 2015 follows Hong Account Names Credit Cash $ Debit 1.200 3700 4,200 Supplies Prepaid Rent Accounts Payable Further information As reported on December 31 bank statement Based on count only $1000 of supplies still exist This amount was paid November 1 for rent through the end of January This represents the total amount of bills received for supplies and its through December 15. Val estimates that the company has receved $390 of utility services through December 31 for which it has not yet been bed 1200 1400 300 66.000 Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense U s Expense Rent Expense Supples Expense Income Tax Expense Stylists have not yet been paid $200 for the work on December The company has ad last years income taxes but not years to This amount was contributed for common stock como prior years This is the balance reported at the end of last year Customers cash when they receive services 2 500 1600 14,000 This is the cost of stylist wages rough December 30 This is the cost of u s through December 15 This year's rent was $1400 per month This is the cost of supplies used through November The c ar has an average rate of 301 4200 value: 1.25 points 2. Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair. Ad). (1) (2) Amount 2,700 Balance Sheet Account Supplies Prepaid Rent Accounts Payable Income Tax Payable Related Income Statement Account Supplies Expense Rent Expense Utilities Expense income Tax Expense 2,800 (4) View transaction list ht 1 Record the adjusting entry for supplies. le 2 Record the adjusting entry for rent. 3 Record the adjusting entry for utilities expense. 4 Record the adjusting entry for wages. 5 Record the adjusting entry for income tax Credit Note : journal entry has been entered Record entry Clear entry View general journal References eBook & Resources