Question

Vals Hair Emporium is a hair salon. Its unadjusted trial balance as of December 31, 2017, follows, along with information ab2.2. Name the five pairs of balance sheet and income statement accounts that require adjustment.

3.3. Calculate the desired balances for each account listed in the unadjusted trial balance.

4.4. 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.)

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Answer #1

1) $147,800 Hair Syling Revenue Less: Wages Expense $35,100 Utilities Expense $15,800 Rent Expense $44,000 Supplies Expense $3) Vals Hair Emporium Workings: Adjusted Trial Balance (with desired balances) Updated December 31, 2017 Hair Syling Revenue4) Adjusting Entries: CREDIT DEBIT $4,700 ($9100 - $4400] $4,700 $8,800 $8,800 EVENT DATE ACCOUNT TITLES a) Dec. 31 Supplies

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