Question

Check my work 00 Required information [The following information applies to the questions displayed below.) Vals Hair Empori
Totals $80, 200 $89,200 3. Prepare the adjusting journal entries that are required at December 31, 2018. (If no entry is requ
0 0
Add a comment Improve this question Transcribed image text
Answer #1
Adjusting Journal Entries Dr $ Cr$ Remarks
1 No Transaction required for Cash
2 Supplies Expense                        3,000 Adjusted to clsoing stock by expense out
Supplies                          3,000
3 Rent Expense                        4,000 Nov+Dec 2018 rent expensed
Prepaid Rent                          4,000
4 Utilities Expense                           450 Accrual made for Dec pending utilty bill
Accounts Payable                             450
5 Salaries & Wages Expense                           150 Pending Wages & Sal payable for Dec
Salaries & Wages Payable                             150
6 Income Tax Expense                           630 As per working
Income Tax Payable                             630
7 No adjsuting entry required for common stock
8 Income Statement                        1,470 Net Income transferred to retained earning
Retained Earning                          1,470
9 Service revenue : no adjsuting entry required.
Working for Journal entry
Vai's Hair Emporium
Profrma Income Statement
for the period ending Dec 31, 2018. Amt $
Service Revenue                     75,800
Operating Expenses
Salaries & Wages Expense                     29,250
Utilities Expense                     12,650
Rent Expense                     24,000
Supplies Expense                        7,800
Total Operating Expense                     73,700
EBIT                        2,100
Interest Expense                              -  
EBT                        2,100
Income Tax (@30%)                           630
Net Income                        1,470
Add a comment
Know the answer?
Add Answer to:
Check my work 00 Required information [The following information applies to the questions displayed below.) Val's...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • NEED HELP [The following information applies to the questions displayed below.) Val's Hair Emporum operates a...

    NEED HELP [The following information applies to the questions displayed below.) Val's Hair Emporum operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with Information about selected accounts. Credit Account Names Cash Supplies Prepaid Rent Debit $ 2,800 3,300 3,60 Accounts Payable $1,000 Further Information As reported on December 31 bank statement. Based on count, only $800 of supplies still exist. This amount was paid November 1 for rent through the end of January,...

  • I cannot get any of this figured out correctly, besides putting the accounts in the correct...

    I cannot get any of this figured out correctly, besides putting the accounts in the correct order. Is there anyway I can get help with this please? Required information [The following information applies to the questions displayed below] Part 3 of 4 Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Credit Account Names Cash Supplies Prepaid Rent Debit $ 3,800 4,300 6,000 Accounts Payable $...

  • need help finding rent, utilities, salaries and wages, income tax expenses Val's Hair Emporium operates a...

    need help finding rent, utilities, salaries and wages, income tax expenses Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Account Names Cash Supplies Prepaid Rent Debit $ 2,800 3,380 3,000 Accounts Payable Credit Further Information As reported on December 31 bank statement. Based on count, only $8ee of supplies still exdst. This amount was paid November 1 for rent through the end of January $...

  • how do you calculate Income Tax Expense, i need help finding the answer to No. 5...

    how do you calculate Income Tax Expense, i need help finding the answer to No. 5 3. Prepare the adjusting journal entries that are required at December 31, 2018. (If no entry is required for a transaction/event, s "No Journal Entry Required" In the first account fleld.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a 3.800 Supplies Expense Supplies 3.800 2. b 10.000 Rent Expense Prepaid Rent 10.000 3 11.200 Utilities Expense Accounts...

  • Check my wo! Required information [The following information applies to the questions displayed below) Part 1...

    Check my wo! Required information [The following information applies to the questions displayed below) Part 1 of 7 Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) points Debit Credit $ 40 11 eBook 84 Hint Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense...

  • 2.2. Name the five pairs of balance sheet and income statement accounts that require adjustment. 3.3....

    2.2. 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.) Val's Hair Emporium is a hair salon. Its unadjusted trial balance as of December 31, 2017, follows, along with information...

  • Required information [The following information applies to the questions displayed below.) Drs. Glenn Feltham and David...

    Required information [The following information applies to the questions displayed below.) Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows: Debit Credit $ 8 4 4 9 $ 1 Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest...

  • Check my work Part 7 of 7 Required information (The following information applies to the questions...

    Check my work Part 7 of 7 Required information (The following information applies to the questions displayed below.) Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) points Debit Credit $ 40 11 8 eBook 84 $ 0 Hint 11 Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Insurance Expense...

  • Required information (The following information applies to the questions displayed below.) Dyer, Inc., completed its first...

    Required information (The following information applies to the questions displayed below.) Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement: $113,500 Income Statement, 2018 Rent Revenue Expenses: Salaries and Wages Expense $28,400 Repairs and Maintenance Expense 12,900 Rent Expense 8,900 Utilities Expense 3,900 Travel Expense 2,900 Total Expenses Income 57,000 $ 56,500 You are an independent CPA hired...

  • Val’s Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018,...

    Val’s Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Required Information [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. Credit Account Names Cash Supplies Prepaid Rent Debit $ 4,800 5,300 9,000 Accounts Payable $ 2,000 Further Information As reported on December 31...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT