Rainmaker Environmental Consultants is just finishing its second year of operations. The company's unadjusted trial balance at October 31, 2020, follows: RAINMAKER ENVIRONMENTAL CONSULTANTS Unadjusted Trial Balance October 31, 2020 Account Debit $ 26,000 61,eee Acct.No. Credit 101 Cash Accounts receivable Interest receivable Notes receivable Supplies Prepaid insurance Prepaid rent Office furniture Accumulated depreciation, office furniture Accounts payable Wages payable Unearned consulting revenue 106 109 5e, e0e 5,300 3,400 27,e0e 84,eee 111 126 128 131 161 $ 28,000 18,00e 162 201 210 233 26,000

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Chapter1: Financial Statements And Business Decisions
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Rainmaker Environmental Consultants is just finishing its second year of operations. The company's unadjusted trial balance at
October 31, 2020, follows:
RAINMAKER ENVIRONMENTAL CONSULTANTS
Unadjusted Trial Balance
October 31, 2020
Acct.No.
Account
Debit
Credit
Cash
Accounts receivable
Interest receivable
Notes receivable
Supplies
Prepaid insurance
Prepaid rent
Office furniture
26,000
61,e00
101
106
109
50, e00
5,300
3,400
27,000
84,000
111
126
128
131
161
162
$ 28, e0e
Accumulated depreciation, office furniture
Accounts payable
Wages payable
Unearned consulting revenue
Jeff Moore, capital
Jeff Moore, withdrawals
Consulting revenue
Interest income
201
18, 000
210
233
26, 000
223, e00
301
302
28,000
232,020
480
401
409
Depreciation expense, office furniture
Wages expense
Insurance expense
Rent expense
Supplies expense
601
622
192,000
637
44, e00
6,800
640
650
Totals
$ 527,500
$ 527, 500
Rainmaker prepares adjustments each October 31. The following additional information is available on October 31, 2020.
o. 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 in November.
c. The balance in the Prepaid Rent account represents three months of rent beginning September 1, 202o.
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 furniture will be worthless.
f. Accrued consulting revenue at year-end totalled $4.200.
g. Interest of $85 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, 2019.
I. A count of the supolies on October 31 revealed a balance remainina of $620.
Transcribed Image Text:Rainmaker Environmental Consultants is just finishing its second year of operations. The company's unadjusted trial balance at October 31, 2020, follows: RAINMAKER ENVIRONMENTAL CONSULTANTS Unadjusted Trial Balance October 31, 2020 Acct.No. Account Debit Credit Cash Accounts receivable Interest receivable Notes receivable Supplies Prepaid insurance Prepaid rent Office furniture 26,000 61,e00 101 106 109 50, e00 5,300 3,400 27,000 84,000 111 126 128 131 161 162 $ 28, e0e Accumulated depreciation, office furniture Accounts payable Wages payable Unearned consulting revenue Jeff Moore, capital Jeff Moore, withdrawals Consulting revenue Interest income 201 18, 000 210 233 26, 000 223, e00 301 302 28,000 232,020 480 401 409 Depreciation expense, office furniture Wages expense Insurance expense Rent expense Supplies expense 601 622 192,000 637 44, e00 6,800 640 650 Totals $ 527,500 $ 527, 500 Rainmaker prepares adjustments each October 31. The following additional information is available on October 31, 2020. o. 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 in November. c. The balance in the Prepaid Rent account represents three months of rent beginning September 1, 202o. 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 furniture will be worthless. f. Accrued consulting revenue at year-end totalled $4.200. g. Interest of $85 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, 2019. I. A count of the supolies on October 31 revealed a balance remainina of $620.
Requlred:
1. Set up balance column accounts for Rainmaker Environmental Consultants and enter the balances listed in the unadjusted trial
balance. (Enter the adjusting values In the order of Transaction I.e., a through I)
101: Cash
106: Accounts Receivable
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Oct. 31 (bal)
Oct. 31 (bal)
109: Interest Receivable
111: Notes Receivable
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Oct. 31 (bal)
Oct. 31 (bal)
126: Supplies
128: Prepaid Insurance
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Oct. 31 (bal)
Oct. 31 (bal)
131: Prepaid Rent
161: Office Furniture
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Oct. 31 (bal)
Oct. 31 (bal)
162: Accumulated Depreciation, Office Furniture
201: Accounts Payable
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Oct. 31 (bal)
Oct. 31 (bal)
210: Wages Payable
233: Unearned Consulting Revenue
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
lOct. 31 (bal)
Oct. 31 (bal)
Transcribed Image Text:Requlred: 1. Set up balance column accounts for Rainmaker Environmental Consultants and enter the balances listed in the unadjusted trial balance. (Enter the adjusting values In the order of Transaction I.e., a through I) 101: Cash 106: Accounts Receivable Date Debit Credit Balance Date Debit Credit Balance Oct. 31 (bal) Oct. 31 (bal) 109: Interest Receivable 111: Notes Receivable Date Debit Credit Balance Date Debit Credit Balance Oct. 31 (bal) Oct. 31 (bal) 126: Supplies 128: Prepaid Insurance Date Debit Credit Balance Date Debit Credit Balance Oct. 31 (bal) Oct. 31 (bal) 131: Prepaid Rent 161: Office Furniture Date Debit Credit Balance Date Debit Credit Balance Oct. 31 (bal) Oct. 31 (bal) 162: Accumulated Depreciation, Office Furniture 201: Accounts Payable Date Debit Credit Balance Date Debit Credit Balance Oct. 31 (bal) Oct. 31 (bal) 210: Wages Payable 233: Unearned Consulting Revenue Date Debit Credit Balance Date Debit Credit Balance lOct. 31 (bal) Oct. 31 (bal)
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