Amount of Adjustment Assignment | Top Universities

[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, 2018, follows, along with information about selected accounts. Further Information As reported on December 31 bank statement Based on count, only $900 of supplies still exist Debit Credit Account Names Cash $3,000 3,500 3,600 Supplies Prepaid Rent amount was paid November 1 for rent through the end of Jan This rorosents the total amount $ 1,100 Accounts Payable of bills received for supplies and utilities through December 15. Val estimates that the company has through December 31 for which it has not yet been billed. Stylists have December 31.

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The company has paid last year's income taxes but not this year's taxes. This amount was contributed for common stock in prior received $370 of utility services Salaries and Wages Payable for their work on not yet been paid $150 0 Income Tax Payable Common Stock 1,200 years Retained Earnings Service Revenue Salaries and Wages 900 This is the balance reported at the end of last year. Customers pay cash when they receive services. 62,600 28,300 This is the cost of stylist wages through December 30 Expense 11,400 12,000 es Expense st o 1,200 through December 15 This Rent Expe Supplies Expense Income Tax Expense 4,000 This is the cost of supplies used through November 30. 0 The company has an average tax rate of 25%. $65,800 $65,800 Totals . Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair. 2. Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair. Adj. Balance Sheet Account-Related Income Statement Account Amount Supplies Expense Rent Expense Supplies Prepaid Rent 1) 3,100 2 Accounts Payable Salaries and Wages Payable Utilities Expense 3 Salaries and Wages Expense 4 Income Tax Payable Income Tax Expense (5) Get Accounting Homework Help Today.

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