question 3-10A

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Problem 3-10A Posting, adjusted trial balance, and preparing financial statements L06, 7 CHECK FIGURES: 3. Adjusted trial balance. debits = $580,585; 4. LOSS - $79,895 Required Using the information in Problem 3-9A, complete the following: 1. Set up balance column accounts for Rainmaker Environmental Consultants and enter the balances listed in the unadjusted trial balance. 213 CHAPTER 3 Austing Accounts for Financial Statements 2. Post the adjusting entries prepared in Problem 3.9A to the accounts. 3. Prepare an adjusted trial balance. 4. Use the adjusted trial balance to prepare an income statement, a statement of changes in equity, and a balance sheet. Assume that the owner, Jeff Moore, made no owner investments during the year. Analysis Component: Assume that total revenues and expenses reported for the year ended October 31, 2019, were $189.000 and $157,600, respectively. Compare the business's financial performance for the years ended October 31, 2019 and 2020, Note For Part 1. your instructor may ask you to set up T-accounts instead of balance column accounts. The solution is available in both formats. Aden antwine mnthlut 104 SOLVE IT the supplies on October 31 revealed a balancere Rainmaker Environmental Consultants Unadjusted Tral Balance October 31, 2020 Credit Debit Acct. No Account 101 Cash $ 26,000 106 Accounts receivable 61.000 109 interest recevable Notes receivable 50.000 Supplies 5.300 120 Prepaid Insurance 3.400 131 Prepaid rent 27.000 161 Office furniture 84.000 162 Accumulated depreciation office furniture $28.000 201 Accounts payable 18.000 210 Wages payable 233 Uneamed consulting revenue 26.000 301 Jeff Moore, capital 223,000 302 Jeff Moore, withdrawals 28.000 401 Consulting revenue 232,020 400 Interest income 480 Depreciation expense, office furniture 622 Wages expense 192.000 637 Insurance expense Rent expense 44,000 650 Supplies expense 6,800 Totals $527,500 $527500 601 640 determined that 12.000 of the unearned consulting revenue had not yet been earned divered that $14,000 of the balance in the Consulting Revenue account was for services to be performed in November balance in the Prepaid Rent account represents three months of rent beginning September 1, 2020 Accrued w es at October 3 totalled so The office furniture was purchased on March 1, 2019, and has an estimated useful life of two years. After years of use it is expected that the furniture will be worthless Accrued consulting revenue at year end totalled 1.200. terest of $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 Acount of the supplies on October 31 revealed a balance remaining of $620 day AB 109 nd the Rainmaker Environmental Consultants Unejusted Tral Balance October 31, 2020 Acct. No Account Debat Credit 101 Cann $ 26,000 105 Accounts receivable 61,000 Interest receivable 0 171 Notes receivable 50.000 Supplies 5.300 120 Prepaid Insurance 3.400 Prepaid ront 27,000 161 Office Furniture 84.000 162 Accumulated depreciation office furniture $28.000 201 Accounts payable 18,000 210 Wages payable W 233 Uneamed consulting revenue 26.000 301 Jeff Moore, capital 223.000 Jeff Moore, withdrawals 28.000 401 Consulting revenue 232.020 400 interest income 430 601 Depreciation expense office furniture Wages expense 192.000 Insurance expense 640 Rent expense 44.000 650 Supplies expense 6,800 Totals 5527,500 $527500 0 Problem 3-10A Posting, adjusted trial balance, and preparing financial statements L06, 7 CHECK FIGURES: 3. Adjusted trial balance. debits = $580,585; 4. LOSS - $79,895 Required Using the information in Problem 3-9A, complete the following: 1. Set up balance column accounts for Rainmaker Environmental Consultants and enter the balances listed in the unadjusted trial balance. 213 CHAPTER 3 Austing Accounts for Financial Statements 2. Post the adjusting entries prepared in Problem 3.9A to the accounts. 3. Prepare an adjusted trial balance. 4. Use the adjusted trial balance to prepare an income statement, a statement of changes in equity, and a balance sheet. Assume that the owner, Jeff Moore, made no owner investments during the year. Analysis Component: Assume that total revenues and expenses reported for the year ended October 31, 2019, were $189.000 and $157,600, respectively. Compare the business's financial performance for the years ended October 31, 2019 and 2020, Note For Part 1. your instructor may ask you to set up T-accounts instead of balance column accounts. The solution is available in both formats. Aden antwine mnthlut 104 SOLVE IT the supplies on October 31 revealed a balancere Rainmaker Environmental Consultants Unadjusted Tral Balance October 31, 2020 Credit Debit Acct. No Account 101 Cash $ 26,000 106 Accounts receivable 61.000 109 interest recevable Notes receivable 50.000 Supplies 5.300 120 Prepaid Insurance 3.400 131 Prepaid rent 27.000 161 Office furniture 84.000 162 Accumulated depreciation office furniture $28.000 201 Accounts payable 18.000 210 Wages payable 233 Uneamed consulting revenue 26.000 301 Jeff Moore, capital 223,000 302 Jeff Moore, withdrawals 28.000 401 Consulting revenue 232,020 400 Interest income 480 Depreciation expense, office furniture 622 Wages expense 192.000 637 Insurance expense Rent expense 44,000 650 Supplies expense 6,800 Totals $527,500 $527500 601 640 determined that 12.000 of the unearned consulting revenue had not yet been earned divered that $14,000 of the balance in the Consulting Revenue account was for services to be performed in November balance in the Prepaid Rent account represents three months of rent beginning September 1, 2020 Accrued w es at October 3 totalled so The office furniture was purchased on March 1, 2019, and has an estimated useful life of two years. After years of use it is expected that the furniture will be worthless Accrued consulting revenue at year end totalled 1.200. terest of $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 Acount of the supplies on October 31 revealed a balance remaining of $620 day AB 109 nd the Rainmaker Environmental Consultants Unejusted Tral Balance October 31, 2020 Acct. No Account Debat Credit 101 Cann $ 26,000 105 Accounts receivable 61,000 Interest receivable 0 171 Notes receivable 50.000 Supplies 5.300 120 Prepaid Insurance 3.400 Prepaid ront 27,000 161 Office Furniture 84.000 162 Accumulated depreciation office furniture $28.000 201 Accounts payable 18,000 210 Wages payable W 233 Uneamed consulting revenue 26.000 301 Jeff Moore, capital 223.000 Jeff Moore, withdrawals 28.000 401 Consulting revenue 232.020 400 interest income 430 601 Depreciation expense office furniture Wages expense 192.000 Insurance expense 640 Rent expense 44.000 650 Supplies expense 6,800 Totals 5527,500 $527500 0