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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

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