Homework Help is Here – Start Your Trial Now!
Business
Accounting
Rainmaker Environmental Consultant October 31, 2023, follows:

Rainmaker Environmental Consultant October 31, 2023, follows:

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

help

 

Rainmaker Environmental Consultants is just finishing its second year of operations. The company's unaojustev indi Udiante au October 31, 2023, follows: Acct. No. 101 Cash 106 Accounts receivable 109 Interest receivable Notes receivable 111 420 126 Supplies 128 Prepaid insurance Prepaid rent MACDOR Office furniture 131 161 162 201 210 210 233 301 302 401 409 Accumulated depreciation, office furniture Accounts payable Wages payable Unearned consulting revenue capital RAINMAKER ENVIRONMENTAL CONSULTANTS Unadjusted Trial Balance October 31, 2023 Account Jeff Moore, Jeff Moore, withdrawals Consulting revenue Interest income Depreciation expense, office furniture 601 622 637 640 Rent expense 650 Supplies expense Wages expense Insurance expense Debit $ 26,500 66,000 0 0 55,000 5,800 4,250 28,500 81,000 28,500 197,000 46,500 7,300 Credit $ 27,000 18,500 27,000 236,300 237,020 530
Transcribed Image Text:Rainmaker Environmental Consultants is just finishing its second year of operations. The company's unaojustev indi Udiante au October 31, 2023, follows: Acct. No. 101 Cash 106 Accounts receivable 109 Interest receivable Notes receivable 111 420 126 Supplies 128 Prepaid insurance Prepaid rent MACDOR Office furniture 131 161 162 201 210 210 233 301 302 401 409 Accumulated depreciation, office furniture Accounts payable Wages payable Unearned consulting revenue capital RAINMAKER ENVIRONMENTAL CONSULTANTS Unadjusted Trial Balance October 31, 2023 Account Jeff Moore, Jeff Moore, withdrawals Consulting revenue Interest income Depreciation expense, office furniture 601 622 637 640 Rent expense 650 Supplies expense Wages expense Insurance expense Debit $ 26,500 66,000 0 0 55,000 5,800 4,250 28,500 81,000 28,500 197,000 46,500 7,300 Credit $ 27,000 18,500 27,000 236,300 237,020 530
650 Supplies expense Totals 300 $546,350 Rainmaker prepares adjustments each October 31. The following additional information is available on October 31, 2023. a. It was determined that $12,500 of the unearned consulting revenue had not yet been earned. b. It was discovered that $14,500 of the balance in the Consulting Revenue account was for services to be performed in November c. The balance in the Prepaid Rent account represents three months of rent beginning September 1, 2023 d. Accrued wages at October 31 totalled $7,300. $546,350 e. The office furniture was purchased on March 1, 2022, and has an estimated useful life of two years. After two years of use, it is expected that the furniture will be worthless. f. Accrued consulting revenue at year-end totalled $4,700 g. Interest of $90 had accrued on the note receivable for the month of October h. The balance in the Prepaid Insurance account represents the remaining balance of a two-year policy purchased on April 1, 2022 1. A count of the supplies on October 31 revealed a balance remaining of $670. Assume Rainmaker Environmental uses the straight-line method to depreciate its assets Required: Prepare the annual adjusting journal entries for October 31, 2023, based on the above
Transcribed Image Text:650 Supplies expense Totals 300 $546,350 Rainmaker prepares adjustments each October 31. The following additional information is available on October 31, 2023. a. It was determined that $12,500 of the unearned consulting revenue had not yet been earned. b. It was discovered that $14,500 of the balance in the Consulting Revenue account was for services to be performed in November c. The balance in the Prepaid Rent account represents three months of rent beginning September 1, 2023 d. Accrued wages at October 31 totalled $7,300. $546,350 e. The office furniture was purchased on March 1, 2022, and has an estimated useful life of two years. After two years of use, it is expected that the furniture will be worthless. f. Accrued consulting revenue at year-end totalled $4,700 g. Interest of $90 had accrued on the note receivable for the month of October h. The balance in the Prepaid Insurance account represents the remaining balance of a two-year policy purchased on April 1, 2022 1. A count of the supplies on October 31 revealed a balance remaining of $670. Assume Rainmaker Environmental uses the straight-line method to depreciate its assets Required: Prepare the annual adjusting journal entries for October 31, 2023, based on the above
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
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
SEE MORE TEXTBOOKS