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. BILL'S BOARDS Unadjusted Trial Balance At September 30 Account Name Cash Debits $ 16,800 Accounts Receivable 1,520 Prepaid Rent 640 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Revenue 0 4,400 Credits Notes $ 0 1,610 1,260 0 Salaries and Wages Payable Income Tax Payable 410 Common Stock 1,920 Retained Earnings 7,210 Service Revenue 0 Salaries and Wages Expense 47,400 Depreciation Expense Rent Expense 320 Supplies Expense 2,820 61,490 Income Tax Expense Totals 0 $ 73,900 $ 73,900 This balance equals the balance reported by the bank. A customer ordered $1,520 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 $960 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 $220 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, no depreciation is carried forward from prior years. BB purchased and received $1,610 of supplies used for creating advertising displays. The supplier is to be paid in October. This balance relates to $1,260 cash paid by a customer in August for advertising from September 1-November 30. BB employees are still waiting to be paid for the last half of September. BB hasn't paid the $410 tax owed from the last fiscal year. BB has issued 3,820 shares for $1,920 cash. BB started business a few years ago, so this is the total accumulated earnings up to October 1 of last year. BB has provided $3,810 of services for which it hasn't yet billed customers or recorded in its accounting records. BB employees earn $5,400 per month. The employees were paid in full on August 31, and were paid again on September 15. About $1,100 of the usefulness of the equipment's $4,400 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 accountant expensed $2,820 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 tax rate is 20% of income before tax. 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.) 1 Record the entry to fix the premature recording of advertising revenue. 2 Record the entry to update the rent accounts. 3 Record the depreciation on equipment for the period. Record the entry to update deferred revenue. Record the entry to accrue revenue not yet billed. 6 Record the entry to accrue unpaid wages. 7 Record the entry to correct the supplies accounts.