2 Complete the following T-Account with the adjusting entries for October 31, 2020. 101: Cash 106: Accounts Receivable Adj Bal Oct 31 Adj Bal Oct 31 109: Interest Receivable 111: Notes Receivable Adj Bal Oct 31 Adj Bal Oct 31 126: Supplies 128: Prepaid Insurance Adj Bal Oct 31 Adj Bal Oct 31 131: Prepaid Rent 161: Office Furniture Adj Bal Oct 31 Adj Bal Oct 31 162: Accum. Deprec, Office Furniture 201: Accounts Payable Adj Bal Oct 31 Adj Bal Oct 31

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

only the question on 6b photo thanks

Rainmaker Environmental Consultants Is Just finishing Its second year of operatlons. The company's unadjusted trial balance at
October 31, 2020, follows:
RAINMAKER ENVIRONMENTAL CONSULTANTS
Unad justed Trial Balance
October 31, 2020
Account
Acct.No.
Debit
Credit
Cash
Accounts receivable
Interest receivable
$ 26,000
61.800
101
106
109
111
Notes receivable
5e,eee
126
Supplies
Prepaid insurance
Prepaid rent
Office furniture
5,300
3,400
27,000
84,eee
128
131
161
$ 28,800
18, e0e
162
Accumulated depreciation, office furniture
Accounts payable
Wages payable
Unearned consulting revenue
Jeff Moore, capital
Jeff Moore, withdrawals
201
210
233
26,000
223,000
301
302
28,000
401
Consulting revenue
Interest incone
232,e20
409
480
Depreciation expense, office furniture
Wages expense
Insurance expense
601
622
192,000
637
640
Rent expense
Supplies expense
44,eee
6,8ee
650
Totals
$ 527,5e0
$ 527,500
Rainmaker prepares adjustments each October 31. The following additional Information is avallable on October 31, 2020.
a. It was determined that $12,000 of the unearned consulting revenue had not yet been earned.
b. It was discovered that $14,000 of the balance in the Consulting Revenue account was for services to be performed Iin November.
C. The balance in the Prepaid Rent account represents three months of rent beginning September 1, 2020.
d. Accrued wages at October 31 totalled $6.800.
e. The office furniture was purchased on March 1, 2019, and has an estimated useful life of two years. After two years of use, It is
expected that the fumiture will be worthless.
f. Accrued consulting revenue at year-end totalled $4,200.
g. Interest of $85 had accrued on the note recelvable for the month of October.
h. The balance In the Prepald Insurance account represents the remaining balance of a two-year policy purchased on April 1, 2019.
LA count of the supplies on October 31 revealed a balance remaining of $620.
Transcribed Image Text:Rainmaker Environmental Consultants Is Just finishing Its second year of operatlons. The company's unadjusted trial balance at October 31, 2020, follows: RAINMAKER ENVIRONMENTAL CONSULTANTS Unad justed Trial Balance October 31, 2020 Account Acct.No. Debit Credit Cash Accounts receivable Interest receivable $ 26,000 61.800 101 106 109 111 Notes receivable 5e,eee 126 Supplies Prepaid insurance Prepaid rent Office furniture 5,300 3,400 27,000 84,eee 128 131 161 $ 28,800 18, e0e 162 Accumulated depreciation, office furniture Accounts payable Wages payable Unearned consulting revenue Jeff Moore, capital Jeff Moore, withdrawals 201 210 233 26,000 223,000 301 302 28,000 401 Consulting revenue Interest incone 232,e20 409 480 Depreciation expense, office furniture Wages expense Insurance expense 601 622 192,000 637 640 Rent expense Supplies expense 44,eee 6,8ee 650 Totals $ 527,5e0 $ 527,500 Rainmaker prepares adjustments each October 31. The following additional Information is avallable on October 31, 2020. a. It was determined that $12,000 of the unearned consulting revenue had not yet been earned. b. It was discovered that $14,000 of the balance in the Consulting Revenue account was for services to be performed Iin November. C. The balance in the Prepaid Rent account represents three months of rent beginning September 1, 2020. d. Accrued wages at October 31 totalled $6.800. e. The office furniture was purchased on March 1, 2019, and has an estimated useful life of two years. After two years of use, It is expected that the fumiture will be worthless. f. Accrued consulting revenue at year-end totalled $4,200. g. Interest of $85 had accrued on the note recelvable for the month of October. h. The balance In the Prepald Insurance account represents the remaining balance of a two-year policy purchased on April 1, 2019. LA count of the supplies on October 31 revealed a balance remaining of $620.
2 Complete the following T-Account with the adjusting entries for October 31, 2020.
101: Cash
106: Accounts Receivable
Adj Bal Oct 31
Adj Bal Oct 31
109: Interest Receivable
111: Notes Receivable
Adj Bal Oct 31
Adj Bal Oct 31
126: Supplies
128: Prepaid Insurance
Adj Bal Oct 31
Adj Bal Oct 31
131: Prepaid Rent
161: Office Furniture
Adj Bal Oct 31
Adj Bal Oct 31
162: Accum. Deprec., Office Furniture
201: Accounts Payable
Adj Bal Oct 31
Adj Bal Oct 31
210: Wages Payable
233: Uneamed Consulting Revenue
Transcribed Image Text:2 Complete the following T-Account with the adjusting entries for October 31, 2020. 101: Cash 106: Accounts Receivable Adj Bal Oct 31 Adj Bal Oct 31 109: Interest Receivable 111: Notes Receivable Adj Bal Oct 31 Adj Bal Oct 31 126: Supplies 128: Prepaid Insurance Adj Bal Oct 31 Adj Bal Oct 31 131: Prepaid Rent 161: Office Furniture Adj Bal Oct 31 Adj Bal Oct 31 162: Accum. Deprec., Office Furniture 201: Accounts Payable Adj Bal Oct 31 Adj Bal Oct 31 210: Wages Payable 233: Uneamed Consulting Revenue
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 3 images

Blurred answer
Knowledge Booster
Accounting for Borrowing costs
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education