Question: chart please chart please here you go , sorry about that! Required information Bill's Boards (BB) is an outdoor advertising company founded by William Longfall.

chart please
chart please chart please here you go , sorry about that! 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
chart please
"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
here you go , sorry about that!
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

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 BILL'S BOARDS Unadjusted Trial Balanc- At September 30 Debits Credits Note $ 18,300 This bank 1,920 A cu serv acco Acco Reve 640 $tar tor Loca acco but 0 BBS ept 4,000 BBC last $ @ Beca beg Supplies Equipment Accumulated Depreciation is a Accounts Payable Deferred Revenue Salaries and Wages Payable 1,510 B used supr 1,539 This CUS Sep @ BB' the 620 BB fis 3,020 BB 11,420 BB Income Tax Payable Common Stock Retained Earnings Retained Earnings Service Revenue Salaries and Wages Expense 48, 100 Depreciation Expense 0 11,420 BB st the t of l 58,200 BB ha hasn' a CCOL BB's emple were About equip the BB ir which curre BB's purch thes end. BB's $ 76,300 Rent Expense 520 Supplies Expense 2,820 Income Tax Expense Totals 0 $ 76,300 Prepare an adjusted trial balance as of September 30. BILL'S BOARDS Adjusted Trial Balance Account Titles Debit Credit $ 0 $ 0 Totals Prepare an income statement for the year ended September 30, BILL'S BOARDS Income Statement 0 0 Prepare a statement of retained earnings for the year ended Septemb BILL'S BOARDS Statement of Retained Earnings Beginning Balance $ 0 Ending Balance Submit This balance equals the balance reported by the bank. A customer ordered $1,920 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 $968 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, no depreciation is carried forward from prior years. 1,510 B purchased and received $1,510 of supplies used for creating advertising displays. The $upplier is to be paid in October. 1,530 This balance relates to $1,530 cash paid by a customer in August for advertising from September 1-November 30. BB's employees are still waiting to be paid for the last half of September. 620 BB hasn't paid the $620 tax owed from the last fiscal year. 3,020 BB has issued 6,010 shares for $3,020 cash. 11,420 BB started business a few years ago, so this is the total accumulated earnings up to October 1 of last year. 58, 200 BB has provided $6,010 of services for which it hasn't yet billed customers or recorded in its accounting records. BB's employees earn $6,100 per month. The employees were paid in full on August 31, and were paid again on September 15. About $1,000 of the usefulness of the equipment's $4,800 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 $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. the last half of September. 620 BB hasn't paid the $620 tax owed from the last fiscal year. 3,020 BB has issued 6,010 shares for $3,020 cash. 11,420 BB started business a few years ago, so this is the total accumulated earnings up to October 1 of last year. $8,200 $B has provided $6,010 of services for which it hasn't yet billed customers or recorded in its accounting records. BB's employees earn $6,100 per month. The employees were paid in full on August 31, and were paid again on September 15. About $1,000 of the usefulness of the equipment's $4,000 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 $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's tax rate is 20% of income before tax. 6,300 Done text (1 of 66) $ Deferred Revenue Notes Cash 18,300 This balance equals the balance reported by the bank. Accounts Receivable 1,920 A customer ordered $1,920 of advertising services to be provided in October. The accountant recorded this service by debiting Accounts Receivable and crediting Service Revenue. Prepaid Rent 640 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. Supplies 0 BB still has supplies costing $210 on hand on September 30. Equipment 4,000 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 1,510 BB purchased and received $1,510 of supplies used for creating advertising displays. The supplier is to be paid in October 1,530 This balance relates to $1,530 cash paid by a customer in August for advertising from September 1-November 30. Salaries and Wages Payable BB's employees are still waiting to be paid for the last half of September. Income Tax Payable 620 BB hasn't paid the $620 tax owed from the last fiscal year. Common Stock 3,020 BB has issued 6,010 shares for $3,020 cash. Retained Earnings 11,420 BB started business a few years ago, so this is the total accumulated earnings up to October 1 of last year. Service Revenue 58,200 BB has provided $6,010 of services for which it hasn't yet billed customers or recorded in its accounting records. Salaries and Wages Expense 48,100 BB's employees earn $6,100 per month. The employees were paid in full on August 31, and were paid again on September 15. Depreciation Expense 0 About $1,000 of the usefulness of the equipment's $4,000 cost has been used up during the current fiscal year. Rent Expense 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. Supplies Expense 2,820 BB's 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 Income Tax Expense 0 BB's tax rate is 20% of income before tax. $ 76,300 76,300 520 Totals $

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!