Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare the annual adjusting journal entries for October 31, 2020, based on the following information. Acct.No. 101 Cashi 106 Accounts receivable 109 Interest receivable 111
Prepare the annual adjusting journal entries for October 31, 2020, based on the following information.
Acct.No. 101 Cashi 106 Accounts receivable 109 Interest receivable 111 Notes receivable 126 Supplies 128 Prepaid insurance 131 Prepaid rent 161 162 201 210 Wages payable 233 301 302 401 409 601 622 637 640 650 Office furniture Account Accumulated depreciation, office furniture Accounts payable Unearned consulting revenue Jeff Moore, capital Jeff Moore, withdrawals Consulting revenue Interest income Depreciation expense, office furniture Wages expense Insurance expense Rent expense Supplies expense Totals Debit 26,700 68,000 View transaction list 57,000 6,000 4,590 29,100 Journal entry worksheet 28,700 Rainmaker prepares adjustments each October 31. The following additional information is available on October 31 2020 5 6 7 Record the earned consulting revenue. at was determined that $12.700 of the uneamed consulting revenue had not yet been earned b. It was discovered that $14,700 of the balance in the Consulting Revenue account was for services to be performed in November t. Accrued consulting revenue at year-end totalled $4,900. g. Interest of $92 had accrued on the note receivable for the month of October Note: Enter debits before credits. General Journal Date Oct 31, 2020 e. The balance in the Prepaid Rent account represents three months of rent beginning September 1, 2020 d. Accrued wages at October 31 totalled $7,500. e. The office tumature 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 Credit $ 31,000 18,700 9 27,400 250,420 199,000 47,500 7,500 $567,990 $567,890 h. The balance in the Prepaid 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 $690. 239,020 550 Assume Rainmaker Environmental uses the straight-ane method to depreciate its assets. Required: Prepare the annual adjusting journal entries for October 31, 2020, based on the above. Or no entry is required for a transaction/event, select "No journal entry required in the first account field.) Debit Credia
Step by Step Solution
★★★★★
3.34 Rating (151 Votes )
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started