PA4-4 (Algo) Identifying and Preparing Adjusting Journal Entries [LO 4-1, LO 4-2, LO 4-3, LO 4-6] [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 Cash Credit Debit $ 3,500 Further Information As reported on December 31 bank statement. Supplies 4,000 Based on count, only $1,150 of supplies still exist. Prepaid Rent 5,100 This amount was paid November 1 for rent through the end of January. Accounts Payable $ 1,350 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $420 of utility services through December 31 for which it has not yet been billed. Salaries and Wages Payable Stylists have not yet been paid $200 for their work on December 31. Income Tax Payable 0 The company has paid last year's income taxes but not this year's taxes. Common Stock 1,700 This amount was contributed for common stock in prior years. 800 Retained Earnings This is the balance reported at the end of last year. Service Revenue 70,950 Customers pay cash when they receive services. Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Totals 28,800 11,900 17,000 4,500 0 $ 74,800 $ 74,800 This is the cost of stylist wages through December 30. This is the cost of utilities through December 15. This year's rent was $1,700 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 25%.

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Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) i (Click the icon to view the transactions.) Jun Date 2024 Invoice No. Account Debited More info Jun. 1 Jun. 8 Customer Jun. 13 Jun. 28 Sales Journal Post. Ref. Accounts Receivable DR Sales Revenue CR Sold merchandise inventory on account to Ford Junk, $1,250. Cost of goods, $960. Invoice no. 101. Page Cost of Goods Sold DR Merchandise Inventory CR Sold merchandise inventory on account to Iris Fray, $2,250. Cost of goods, $1,650. Invoice no. 102. Sold merchandise inventory on account to Jack Tremane, $400. Cost of goods, $240. Invoice no. 103. Sold merchandise inventory on account to Gail White, $810. Cost of goods, $650. Invoice no. 104. Print Done X

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