Problem 3 9A Adjusting entries (annual) LO4 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 101 Cash $ 25,700 106 Accounts receivable 62,000 109 Interest receivable 0 111 Notes receivable 51,000 126 Supplies 5,000 128 Prepaid insurance 2,890 131 Prepaid rent 26,100 161 Office furniture 75,000 162 Accumulated depreciation, office furniture $ 25,000 201 Accounts payable 17,700 210 Wages payable 0 233 Unearned consulting revenue 25,400 301 Jeff Moore, capital 215,820 302 Jeff Moore, withdrawals 27,700 401 Consulting revenue 233,020 409 Interest income 450 601 Depreciation expense, office furniture 0 622 Wages expense 193,000 637 Insurance expense 0 640 Rent expense 42,500 650 Supplies expense 6,500 Totals $ 517,390 $ 517,390 Rainmaker prepares adjustments each October 31 The following additional information is available on October 31, 2020 It was determined that $11,700 of the unearned consulting revenue had not yet been earned It was discovered that $13,700 of the balance in the Consulting Revenue account was for services to be performed in November The balance in the Prepaid Rent account represents three months of rent beginning September 1, 2020 Accrued wages at October 31 totalled $6,500 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 Accrued consulting revenue at year end totalled $3,900 Interest of $82 had accrued on the note receivable for the month of October The balance in the Prepaid Insurance account represents the remaining balance of a two year policy purchased on April 1, 2019 A count of the supplies on October 31 revealed a balance remaining of $590 Assume Rainmaker Environmental uses the straight line method to depreciate its assets Required Prepare the annual adjusting journal entries for October 31, 2020, based on the above (If no entry is required for a transaction event, select No journal entry required in the first account field )

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Problem 3-9A Adjusting entries (annual) LO4 Rainmaker Environmental Consultants is just finishing its second year of operations. The company's unadjusted trial balance at October 31,

Problem 3-9A Adjusting entries (annual) LO4

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
101	Cash	$	25,700
106	Accounts receivable		62,000
109	Interest receivable		0
111	Notes receivable		51,000
126	Supplies		5,000
128	Prepaid insurance		2,890
131	Prepaid rent		26,100
161	Office furniture		75,000
162	Accumulated depreciation, office furniture			$	25,000
201	Accounts payable				17,700
210	Wages payable				0
233	Unearned consulting revenue				25,400
301	Jeff Moore, capital				215,820
302	Jeff Moore, withdrawals		27,700
401	Consulting revenue				233,020
409	Interest income				450
601	Depreciation expense, office furniture		0
622	Wages expense		193,000
637	Insurance expense		0
640	Rent expense		42,500
650	Supplies expense		6,500
	Totals	$	517,390	$	517,390

Rainmaker prepares adjustments each October 31. The following additional information is available on October 31, 2020.

It was determined that $11,700 of the unearned consulting revenue had not yet been earned.
It was discovered that $13,700 of the balance in the Consulting Revenue account was for services to be performed in November.
The balance in the Prepaid Rent account represents three months of rent beginning September 1, 2020.
Accrued wages at October 31 totalled $6,500.
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.
Accrued consulting revenue at year-end totalled $3,900.
Interest of $82 had accrued on the note receivable for the month of October.
The balance in the Prepaid Insurance account represents the remaining balance of a two-year policy purchased on April 1, 2019.
A count of the supplies on October 31 revealed a balance remaining of $590.

Assume Rainmaker Environmental uses the straight-line method to depreciate its assets. Required: Prepare the annual adjusting journal entries for October 31, 2020, based on the above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)