Accounts Payable............ Accounts Receivable........ Advertising Expenses. Cash............... Billy Bob's Tattoo Parlor, Inc. Listing of Account Balances in Alphabetical Order December 31, 2019 Common Stock ..... Cost of Goods Sold.. Dividends ........... Equipment........ Income Tax Expense........ Interest Expense. Interest Payable Inventory....... Note Payable........ Prepaid Insurance. Rent Expense..... Retained Earnings. Sales Returns and Allowances.... Sales Revenue. Supplies Supplies Expense..... Unearned Revenue..... ele Wages and Salaries Expense Wages and Salaries Payable....... $6,100 2,200 2,500 1,900 9,700 2,000 5,000 12,000 1,500 1,200 1,200 2,600 10,000 2,400 1,900 4,400 1,000 6,700 1,800 600 5,000 7,000 2,500 sp

Billy Bob's Tattoo Parlor, Inc. Listing of Account Balances in Alphabetical Order Required: Prepare journal entries for the following situations based on the list of account balance for Billy Bob's Tattoo Parlor. If no journal entry is needed, just indicated "NO Journal Entry Needed". 1. Supplies on hand at the end of the year is $750. 2. Billy Bob estimates that 20% of accounts receivable will be uncollectible as of 12/31/19. 3. On March 1, 2019 Billy Bob purchased a 2-year insurance policy for $2,400 and recorded the entire amount as insurance expense. 4. On December 31, 2019 Billy Bob paid all employees for hours worked through and including December 31, 2019. In other words, the employees were paid in full as of December 31,2019 and nothing is owed to employees. 5. Equipment of $12,000 was purchased on July 1,2019 and is being depreciated over 12 years (a) $1,000 per year. The equipment has no salvage value. 6. December 2019 rent of $300 was unpaid as of December 31,2019 and is not included in the Accounts Payable balance. 7. Utilities expenses incurred but not yet paid prior to December 31,2019 were $520. 8. Unearned revenue of $2,250 was earned prior to December 31,2019. 9. On January 1, 2019 Billy Bob borrowed $10,000 for 2 years at 12% interest. The principal and interest will be paid in full on December 31,2020 . There were no other loans prior to January 1, 2019 and this was the only loan during the year. 10.Advertising expense paid in advance and included with Advertising Expense $1,100 Billy Bob's Tattoo Parlor, Inc. Listing of Account Balances in Alphabetical Order December 31,2019 Accounts Payable. Accounts Receivable. Advertising Expenses Cash Common Stock Cost of Goods Sold Dividends Equipment Income Tax Expense Interest Expense Interest Payable Inventory Note Payable Prepaid Insurance. Rent Expense Retained Earnings Sales Returns and Allowances. Sales Revenue Supplies Supplies Expense Unearned Revenue $6,1002,2002,5001,9009,7002,0005,00012,0001,5001,2001,2002,60010,0002,4001,9004,4001,0006,7001,8006005,0007,000 Required: Prepare journal entries for the following situations based on the list of account balance for Billy Bob's Tattoo Parlor. If no journal entry is needed, just indicated "NO Journal Entry Needed". 1. Supplies on hand at the end of the year is $750. 2. Billy Bob estimates that 20% of accounts receivable will be uncollectible as of 12/31/19. 3. On March 1, 2019 Billy Bob purchased a 2-year insurance policy for $2,400 and recorded the entire amount as insurance expense. 4. On December 31, 2019 Billy Bob paid all employees for hours worked through and including December 31, 2019. In other words, the employees were paid in full as of December 31, 2019 and nothing is owed to employees. 5. Equipment of $12,000 was purchased on July 1,2019 and is being depreciated over 12 years (a) $1,000 per year. The equipment has no salvage value. 6. December 2019 rent of $300 was unpaid as of December 31, 2019 and is not included in the Accounts Payable balance. 7. Utilities expenses incurred but not yet paid prior to December 31,2019 were $520. 8. Unearned revenue of $2,250 was earned prior to December 31, 2019. 9. On January 1,2019 Billy Bob borrowed $10,000 for 2 years at 12% interest. The principal and interest will be paid in full on December 31,2020 . There were no other loans prior to January 1,2019 and this was the only loan during the year. 10. Advertising expense paid in advance and included with Advertising Expense $1,100