Continue Mini Case 1 (the Accounting Cycle Part 1), the following information is available for FastForward in September that may need adjustments.1 1. By the end of September, FastForward has provided another one months consulting work to XYZ co. based on their contract on August 15. 2. A physical account indicates that only $50 supplies still left unused as of September 30. 3. Prepare the necessary adjusting journal entry to record the use of the rented office space in September. 4. Prepare the necessary adjusting journal entry to record the use (i.e., depreciation) of the computers purchased on September 4. FastForward decided to adopt the straight-line method to calculate the depreciation. 5. On September 29, received the September utilities bill of $930 from Second Energy Co. and will pay the bill in October. 6. On September 27, earned $4,700 of commissions for referring customers to Stow Inc. The amount has not yet billed to Stow until October 9.

QUESTION: Based on the info above, complete the next steps in the accounting process that are listed below:

Step 5: Prepare and post the adjusting journal entries. Step 6: Prepare the adjusted trial balance as of 9/30. Step 7: Prepare the Income Statement (ignore income tax), Statement of Retained Earnings and the Balance Sheet for FastForward for September. Step 8: Close temporary accounts. Step 9: Prepare the post-closing trial balance as of 9/30?

PICTURES ARE SOLUTIONS TO MINI CASE 1

Credit FastForward Post-Closing Trial Balance August 31 Debit Cash $38,200 Accounts Receivable 9,800 Supplies 260 Unearned Revenue Utilities Payable Common Stock Retained Earnings Totals $48,260 $12,500 900 20,000 14,860 $48,260 Dividend Supplies 260 Sep 30 Sep 1 Computers 0 19000 Sep 1 0 Sep 30 260 Sep 30 19,000 Sep 30 500 Accounts Payable 0 19,000 Unearned Revenue 12,500 Common Stock 20,000 Sep 1 Sep 1 Sep 1 Sep 30 19,000 Sep 30 12.500 Sep 30 20,000 Salaries Expense Sep 1 Utilities payable 900 900 Sep 1 Consulting Revenue 0 30,600 Sep 30 0 Sep 30 0 Sep 30 30,600 Sep 30 7,000 FastForward Unadjusted Trial Balance Sep 30 Debit Credit 42,800 15,400 260 12,000 19,000 Cash Accounts receivable Supplies Prepaid Rent Computers Accounts Payable Unearned Revenue Utilites Payable Consulting Revenue Salaries expense Common stock Dividend Retained Earnings (as of Aug 31) 19,000 12,500 0 30.600 7,000 20.000 500 14,860 Total 96,960 96,960 Sep 1 12,000 Prepaid rent Cash 12,000 19,000 Sep 4 Computers Accounts Payable 19,000 Sep 9 30,600 Accounts Receivable Consulting revenue 30,600 900 Sep 10 Utility payable Cash 900 Sep 20 Cash 25,000 Accounts Receivable 25,000 7,000 Sep 29 Salaries Expense Cash 7,000 Sep 30 Dividend 500 Cash 500