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CHAPTER 4 Adjustments, Finteial Statements, and Tinascial Results Required: 1. Use the notes to determine and record adjusting entries needed on December 31 for (a) supplies used up, (b) insurance costs, (c) using up the car's benefits, (d) salaries not yet accounted for. and (e) income taxes for the year. 2. Post the adjusting entries from requirement 1 to T-accounts to determine new adjusted bulunces, and prepare an adjusted trial balance. (If you are completing this exercise using the general ledger cool in Connect, this requirement will be completed automatically for you.) 3. Using the adjusted bulances from requirement 2, prepare an income statement, statement of refained earnings, and classified balance sheet. E4-20 Preparing Adjusting Entries, an Adjusted Trial Balance, and Financial Statements L0 4-1, 4-2, 4-3, 4-4 Bill's Bourds (BB) is un outdoor advertising company founded by William Longfall. William knows very litle accoonting so he hired a friend to "keep the books." Unfortunately. William did not review his friend's work and now it seems his friend has made a mess of the accounting records. William has provided you the following list of unadjusted account balunces at BB's September 30 fiscal year-end. You have reviewed the balances with William and made notes shown in the right column