Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2021, folla information about selected accounts. Account Names Cash Supplies Prepaid Rent Accounts Payable Salaries and Wages Payable Debit $ 3,200 Credit 3,700 4,200 Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 28,500 Utilities Expense 11,600 Rent Expense 14,000 $ 1,200 Further Information As reported on December 31 bank statement Based on count, only $1,000 of supplies st 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 utilities throug December 15. Val estimates that the compan has received $390 of utility services thro December 31 for which it has not yet been billed. e Stylists have not yet been paid $200 for their work on December 31. 0 1,400 800 66,000 The company has paid last year's income tal but not this year's taxes. This amount was contributed for common stor in prior years. This is the balance reported at the end of last year. 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 $1,400 per month. ok rit VAL'S HAIR EMPORIUM Unadjusted Income Statement (Preliminary) For the Year Ended December 31, 2021 1