Please help me solve this. I am so stumped
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's 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 Equipment Accumulated Depreciation Accounts Payable Deferred Revenue BILL'S BOARDS Un adjusted Trial Balance At September 30 Debits Credits Notes $ 10,500 This balance equals the balance reported by the bank. 820 A customer ordered 5620 of advertising services to be provided in October. The accountant recorded this service by debiting Accounts Receivable and crediting Service Revenue. Starting January 1, BB agreed to pay $1,088 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 $212 on hand on September 30. 6,400 BD bought scaffolding and billboards in October last year. Because the equipment was bought at the beginning of the fiscal year, no depreciation is carried forward from prior years. 2,210 BB purchased and received $2,210 of supplies used for creating advertising displays. The supplier is to be paid in October 1,599 This balance relates to $1,590 cash paid by a customer in August for advertising from September 1- November 30. B BB's employees are still waiting to be paid for the last half of September. 310 BB hasn't paid the 3310 tax owed from the last fiscal year. 1,410 BB has issued 2,820 shares for $1,410 cash. 5,320 BB started business a few years ago, so this is the total accumulated earnings up to October 1 of last year. 58,020 BB has provided $2,810 of services for which it hasn't yet billed customers or recorded in its accounting records. 46,700 BB's employees earn $4,700 per month. The employees were paid in full on August 31, and were paid again on September 15. About $1,600 of the usefulness of the equipment's $6,400 cost has been used up during the current fiscal year. 610 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. 3,110 BB's accountant expensed $3,110 of supplies purchased Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Rent Expense Supplies Expense Account Name Cash Accounts Receivable 820 Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Revenue Salaries and Wages Payable BILL'S BOARDS Un adjusted Trial Balance At September 30 Debits Credits Notes $ 10,500 This balance equals the balance reported by the bank. A customer ordered $820 of advertising services to be provided in October. The accountant recorded this service by debiting Accounts Receivable and crediting Service Revenue. Starting January 1, 88 agreed to pay $1,080 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 $210 on hand on September 30. BB bought scaffolding and billboards in October last year. @ Because the equipment was bought at the beginning of the fiscal year, ne depreciation is carried forward from prior years. 2,210 B8 purchased and received $2,210 of supplies used for creating advertising displays. The supplier is to be paid in October. 1,590 This balance relates to $1,590 cash paid by a customer in August for advertising from September 1- November 30. a BB's employees are still waiting to be paid for the last half of September 310 B8 hasn't paid the $310 tax owed from the last fiscal year. 1,418 38 has issued 2,820 shares for $1,410 cash. 5,320 88 started business a few years ago, so this is the total accumulated earnings up to October 1 Tof last year. 58,220 BB has provided $2,812 of services for which it hasn't yet billed customers or recorded in its accounting records. BB's employees earn 54,700 per month. The employees were paid in full on August 31, and were paid again on September 15. About $1,600 of the usefulness of the equipment's $6,400 cost has been used up during the current fiscal year. 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. BB's accountant expensed $3,110 of supplies purchased during the year because he assumed the supplies would be completely used by year-end. As noted above, he was wrong. BB's tax rate is 20% of income before tax. $ 68,860 $ 68,860 Income Tax Payable Cormon Stock Retained Earnings Service Revenue Salaries and wages Expense Depreciation Expense Rent Expense Supplies Expense Income Tax Expense Totals Was wrong BB's tax rate is 20% of income before tax. Income Tax Expense Totals $ 68,860 $ 68,860 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 Transaction General Journal Debit Credit Serce Revenue Accounts Receivable Rent Expense Prepaid Rent 810 Depreciation Expense Accumulated Depreciation Equipe Deferred Revenue Service Revenue Accounts Receivable Service Revenue 2810 2,810 Salaries and Wages Expense Salaries and Wages Payable 2,350 2,350 Supplies Supplies Expense 1,100 Income Tax Expense Income Tax Payable Summarize the adjusting journal entries in T-accounts. After entering the beginning balances and computing the adjusted ending balances Cash 10,5001 Accounts Receivable 820 Beg Bal Beg Bal End Bal 10,500 End Bal 820 Supplies Prepaid Rent 720 Beg Bal Beg Bal End Bal End Bal Equipment Accumulated Depreciation Beg. Bal. Beg Bal. -1.600 End Bal. End Bal Accounts Payable Deferred Revenue Beg Bal Beg Bal End. Bal End Bal Salaries and Wages Payable Income Tax Payable Beg Bal Beg Ba End Bal End Bal Common Stock Retained Earnings Beg. Bal. Beg Bali Required information Salaries and Wages Payable Income Tax Payable Beg. Bal. Beg. Bal. End Bal End. Bal. Common Stock Retained Earnings Beg. Bal. Beg. Bal End. Bal End Ba Service Revenue Salaries and Wages Expense Beg. Bal. Beg Bal End. Bal End Bal Depreciation Expense Rent Expense Beg. Bal. Beg. Bal. End. Bal End Bal Supplies Expense Income Tax Expense Beg. Bal. Beg. Bal. End. Bal End Bal Prepare an adjusted trial balance as of September 30, BILL'S BOARDS Adjusted Trial Balance At September 30 Debit Credit Account Titles Service Revenue Accounts Receivable Rent Expense Prepaid Rent Deferred Revenue HEALTH EN Totals $ 0 Prepare an income statement for the year ended September 30. BILL'S BOARDS Income Statement - 1 TE TE TOR IEEE EFTIR SES TER TEL ETTERS TER 11 TI L11 TEXT BE Prepare a statement of retained earnings for the year ended September 30 BILL'S BOARDS Statement of Retained Earnings C SERESSEET Beginning Balance REDES DE SEEEEEEE Ending Balance
