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How do you find question 8? Required information Bill's Boards (BB) is an outdoor advertising company founded by William Longfall. William knows very little accounting

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How do you find question 8?

Required information Bill's Boards (BB) is an outdoor advertising company founded by William Longfall. William knows very little accounting 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 balances at BB September 30 fiscal year-end. You have reviewed the balances with William and made notes shown in the right column. Account Name Cash Accounts Receivable Prepaid Rent Supplies 0 Equipment Accumulated Depreciation Accounts Payable Deferred Revenue BILL'S BOARDS Unadjusted Trial Balance At September 30 Debits Credits Notes $ 16,600 This balance equals the balance reported by the bank. 1,720 A customer ordered $1,720 of advertising services to be provided in October. The accountant recorded this service by debiting Accounts Receivable and crediting Service Revenue. 1,600 Starting January 1, BB agreed to pay $2,400 cash to rent the land on which its billboards are located, for the January- December period. The accountant adjusted this account on April 30 but has not adjusted it since. BB still has supplies costing $520 on hand on September 30. 5,600 BB bought scaffolding and billboards in October last year. $0 Because the equipment was bought at the beginning of the fiscal year, no depreciation is carried forward from prior years. 2,110 BB purchased and received $2,110 of supplies used for creating advertising displays. The supplier is to be paid in October. 1,290 This balance relates to $1,290 cash paid by a customer in August for advertising from September 1-November 30. 0 BB employees are still waiting to be paid for the last half of September. 520 BB hasn't paid the $520 tax owed from the last fiscal year. 2,520 BB has issued 5,010 shares for $2,520 cash. 9,510 BB started business a few years ago, so this is the total accumulated earnings up to October 1 of last year. 62,180 BB has provided $5,010 of services for which it hasn't yet billed customers or recorded in its accounting records. 48,000 BB employees earn $6,000 per month. The employees were paid in full on August 31, and were paid again on September 15. 0 About $1,400 of the usefulness of the equipment's $5,600 cost has been used up during the current fiscal year. 800 BB incurs a small cost to rent the land on which its billboards are located. Rent for the current year has been paid in full. 3,810 BB accountant expensed $3,810 of supplies purchased during the year because he assumed the supplies would be completely used by year-end. As noted above, he was wrong. 0 BB tax rate is 20% of income before tax. $ 78,130 $ 78,130 Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Rent Expensie Supplies Expense Income Tax Expense Totals Required: Prepare the adjusting journal entries for the year ended September 30. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required information Bill's Boards (BB) is an outdoor advertising company founded by William Longfall. William knows very little accounting 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 balances at BB September 30 fiscal year-end. You have reviewed the balances with William and made notes shown in the right column. Account Name Cash Accounts Receivable Prepaid Rent Supplies 0 Equipment Accumulated Depreciation Accounts Payable Deferred Revenue BILL'S BOARDS Unadjusted Trial Balance At September 30 Debits Credits Notes $ 16,600 This balance equals the balance reported by the bank. 1,720 A customer ordered $1,720 of advertising services to be provided in October. The accountant recorded this service by debiting Accounts Receivable and crediting Service Revenue. 1,600 Starting January 1, BB agreed to pay $2,400 cash to rent the land on which its billboards are located, for the January- December period. The accountant adjusted this account on April 30 but has not adjusted it since. BB still has supplies costing $520 on hand on September 30. 5,600 BB bought scaffolding and billboards in October last year. $0 Because the equipment was bought at the beginning of the fiscal year, no depreciation is carried forward from prior years. 2,110 BB purchased and received $2,110 of supplies used for creating advertising displays. The supplier is to be paid in October. 1,290 This balance relates to $1,290 cash paid by a customer in August for advertising from September 1-November 30. 0 BB employees are still waiting to be paid for the last half of September. 520 BB hasn't paid the $520 tax owed from the last fiscal year. 2,520 BB has issued 5,010 shares for $2,520 cash. 9,510 BB started business a few years ago, so this is the total accumulated earnings up to October 1 of last year. 62,180 BB has provided $5,010 of services for which it hasn't yet billed customers or recorded in its accounting records. 48,000 BB employees earn $6,000 per month. The employees were paid in full on August 31, and were paid again on September 15. 0 About $1,400 of the usefulness of the equipment's $5,600 cost has been used up during the current fiscal year. 800 BB incurs a small cost to rent the land on which its billboards are located. Rent for the current year has been paid in full. 3,810 BB accountant expensed $3,810 of supplies purchased during the year because he assumed the supplies would be completely used by year-end. As noted above, he was wrong. 0 BB tax rate is 20% of income before tax. $ 78,130 $ 78,130 Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Rent Expensie Supplies Expense Income Tax Expense Totals Required: Prepare the adjusting journal entries for the year ended September 30. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet x No Transaction General Journal Debit Credit 1 a 1,720 Service Revenue Accounts Receivable 1,720 2 b 1,000 Rent Expense Prepaid Rent 1,000 3 1,400 Depreciation Expense Accumulated Depreciation 1,400 4 d Deferred Revenue 430 Service Revenue 430 5 e Accounts Receivable 5,010 Service Revenue 5,010 6 f 3,000 Salaries and Wages Expense Salaries and Wages Payable 3,000 7 g 520 Supplies Supplies Expense 520 8 h Income Tax Expense Income Tax Payable

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