Val's Hair Emporium is a hair salon. Its unadjusted trial balance as of December 31, 2017, follows, along with information about selected accounts Account Name Cash Supplies Prepaid Rent Accounts Payable Debit $ 3,800 4,300 6,000 Wagen Payable Income Tax Payable Contributed Capital Retained Earnings Hair Styling Revenue Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Credit Purther Information As reported on December 31 bank statement. Based on count, only $3,200 of supplies still exist. This anount 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. 0 Stylists have not yet been paid $150 for their work on December 31. 0 The company has paid last year's income taxes but not this year's taxes. 2,000 This amount was contributed to the company in prior years. 900 This is the balance reported at the end of last year. 75,800 Customers pay cash when they receive services. This is the cost of stylist wages through December 30. This is the cont 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 percent. 29,100 12,200 20,000 4.800 Totala $80,200 S80, 200 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 Expenses: Total expenses $ 2. Name the five pairs of balance sheet and income statement accounts that require adjustment. Balance Sheet Account Related Income Statement Account 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 $ 4. Prepare the adjusting journal entries that are required at December 31, 2017. (If no entry is required for a transaction/event, select *No journal entry required" In the first account field.) View transaction lit X > 1 Record the supplies based on supplies count, ? Record the rent expense. Record the wage expense. * Record the amount of income tax. 5 Record the utilities expense. Credit