Refer to Exercise E4-19 in your Textbook (pages 194-195). Based on the given information, prepare the adjusting journal entries of Daily Driver, Inc.

ACCOUNTING) by Fred Phillips Associate Professor, Shana Clor-Proell, Robert Libby, Patricia Libby (1).pdf - Foxit PDF Reader CHAPTER 4 Adjustments, Financial Statements, and Financial Results 195 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 balances, and prepare an adjusted trial balance. (If you are completing this exercise using the general ledger tool in Connect, this requirement will be completed automatically for you.) 3. Using the adjusted balances from requirement 2, prepare an income statement, statement of retained earnings, and classified balance sheet. E4-20 Preparing Adjusting Entries, an Adjusted Trial Balance, and Financial Statements LO 4-1, 4-2, 4-3, 4-4 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 accountine E HED IRWIN ACCOUNTING) by Fred Phillips Associate Professor, Shana Clor-Proell, Robert Libby, Patricia Libby (1).pdf - Foxit PDF Reader Q d. Income tax expense, $9. Required: 1. Prepare the adjusting journal entries for the year ended December 31 . 2. Using T-accounts, determine the adjusted balances in each account and prepare an adjusted trial balance as of December 31 . 3. By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded? LO 4-4 E4-17 Reporting an Income Statement, Statement of Retained Earnings, and Balance Sheet Refer to E4-16. Required: Using the adjusted balances in E416, prepare an income statement, statement of retained earnings, and classified balance sheet for the year ended December 31 . L0 4-5 E4-18 Recording Closing Entries Refer to E4-16. Required: Using the adjusted balances in E4-16, give the closing journal entry for the year ended December 31. , 4-2, 4-3, 4-4 E4-19 Preparing Adjusting Entries, an Adjusted Trial Balance, and Financial Statements Daily Driver, Inc. (DDI), operates a driving service through a popular ride-sharing app. DDI has prepared a list of unadjusted account balances at its December 31 year-end. You have reviewed the balances and made notes shown in the right column. ACCOUNTING) by Fred Phillips Associate Professor, Shana Clor-Proell, Robert Libby, Patricia Libby (1).pdf - Foxit PDF Reader CHAPTER 4 Adjustments, Financial Statements, and Financial Results 195 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 balances, and prepare an adjusted trial balance. (If you are completing this exercise using the general ledger tool in Connect, this requirement will be completed automatically for you.) 3. Using the adjusted balances from requirement 2, prepare an income statement, statement of retained earnings, and classified balance sheet. E4-20 Preparing Adjusting Entries, an Adjusted Trial Balance, and Financial Statements LO 4-1, 4-2, 4-3, 4-4 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 accountine E HED IRWIN ACCOUNTING) by Fred Phillips Associate Professor, Shana Clor-Proell, Robert Libby, Patricia Libby (1).pdf - Foxit PDF Reader Q d. Income tax expense, $9. Required: 1. Prepare the adjusting journal entries for the year ended December 31 . 2. Using T-accounts, determine the adjusted balances in each account and prepare an adjusted trial balance as of December 31 . 3. By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded? LO 4-4 E4-17 Reporting an Income Statement, Statement of Retained Earnings, and Balance Sheet Refer to E4-16. Required: Using the adjusted balances in E416, prepare an income statement, statement of retained earnings, and classified balance sheet for the year ended December 31 . L0 4-5 E4-18 Recording Closing Entries Refer to E4-16. Required: Using the adjusted balances in E4-16, give the closing journal entry for the year ended December 31. , 4-2, 4-3, 4-4 E4-19 Preparing Adjusting Entries, an Adjusted Trial Balance, and Financial Statements Daily Driver, Inc. (DDI), operates a driving service through a popular ride-sharing app. DDI has prepared a list of unadjusted account balances at its December 31 year-end. You have reviewed the balances and made notes shown in the right column