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please help me figure out these T accounts Thank you for all your hard work! This should help Bill's Boards (BB) is an outdoor advertising
please help me figure out these T accounts
Thank you for all your hard work!
This should help
Bill's Boards (BB) is an outdoor advertising company founded by William Longfall. William knows very ds (BB) is an outdoor advertising company founded by Wililam Longfall. Willam Knows very cash to rent the land on which its billboards are located, for the JanuaryDecember period. The accountant adjusted this account on April 30 but has not adjusted it since. Supplies BB stil1 has supplies costing $210 on hand on September 30 . Equipment 5,600 BB bought scaffolding and billboards in October last year. Accumulated Depreciation \$0 Because the equipment was bought at the beginning of the fiscal year, no depreciation is carried forward from prior years. Accounts Payable 2,020 BB purchased and received $2,020 of supplies used for creating advertising displays. The supplier is to be paid in October. Deferred Revenue 1,260 This balance relates to $1,260 cash paid by a customer in August for advertising from september 1 -November 30 . Salaries and Wages o BB employees are still waiting to be paid Payable for the last half of September. Income Tax Payable 320 BB hasn't paid the $320 tax owed from the last fiscal year. Comanon stock 1,520BB has issued 3,020 shares for $1,520 cash. Retained Barnings 5,720 BB started business a few years ago, so this is the total accumulated earnings up to October 1 of last year. Service Revenue 60,560 BB has provided $3,020 of services for which it hasn't yet billed customers or recorded in its accounting records. Salaries and Wages 47,100 BB employees earn $5,100 per month. The Expense employees were paid in fu1l on August 31, and were paid again on September 15 . Depreciation Expense About $1,400 of the usefulness of the equipment's $5,600 cost has been used up during the current fiscal year. Rent Expense 320 BB incurs a small cost to rent the 1 and on which its billboards are located. Rent for the current year has been paid in ful1. Supplies Expense 3,320 BB accountant expensed $3,320 of supplies purchased during the year because he assumed the supplies would be corpletely used by year-end. As noted above, he was wrong. Income Tax Expense $71,400$71,400 BB tax rate is 208 of income before tax. Totals Post the beginning balances and adjusting entries to the following T-accounts. + 2. Adjusted Trial Balance - Bill's Boards Adjusted Trial Balance At September 30 \begin{tabular}{|l|r|r} \hline Jalales allu rvayes cxpese & $4,000 & \\ \hline Depreciation Expense & $1,400 & \\ \hline \hline Rent Expense & $720 & \\ \hline \hline Supplies Expense & $3,110 & \\ \hline Income Tax Expense & $1,600 & \\ \hline \hline & & \\ \hline Total & $78,850 & $ \\ \hline \end{tabular} 3. Income Statement Step by Step Solution
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