Rainmaker Environmental Consultants is just finishing its second year of operations The companys unadjusted trial balance at October 31, 2020, follows RAINMAKER ENVIRONMENTAL CONSULTANTS Unadjusted Trial Balance October 31, 2020 Acct No Account Debit Credit 101 Cash $ 25,400 106 Accounts receivable 65,000 109 Interest receivable 0 111 Notes receivable 54,000 126 Supplies 4,700 128 Prepaid insurance 2,380 131 Prepaid rent 25,200 161 Office furniture 88,000 162 Accumulated depreciation, office furniture $ 25,000 201 Accounts payable 17,400 210 Wages payable 0 233 Unearned consulting revenue 24,800 301 Jeff Moore, capital 231,640 302 Jeff Moore, withdrawals 27,400 401 Consulting revenue 236,020 409 Interest income 420 601 Depreciation expense, office furniture 0 622 Wages expense 196,000 637 Insurance expense 0 640 Rent expense 41,000 650 Supplies expense 6,200 Totals $ 535,280 $ 535,280 Rainmaker prepares adjustments each October 31 The following additional information is available on October 31, 2020 It was determined that $11,400 of the unearned consulting revenue had not yet been earned It was discovered that $13,400 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 $6,200 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 $3,600 Interest of $79 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 $560 Required 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 ) 2 Complete the following T Account with the adjusting entries for October 31, 2020 3 Prepare an adjusted trial balance 4 a Use the adjusted trial balance to prepare an income statement 4 b Use the adjusted trial balance to prepare a statement of changes in equity Assume that the owner, Jeff Moore, made no owner investments during the year 4 c Use the adjusted trial balance to prepare a balance sheet Assume that the owner, Jeff Moore, made no owner investments during the year (Be sure to list the assets and liabilities in order of their liquidity )

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Rainmaker Environmental Consultants is just finishing its second year of operations. The companys unadjusted trial balance at October 31, 2020, follows: RAINMAKER ENVIRONMENTAL CONSULTANTS Unadjusted

Rainmaker Environmental Consultants is just finishing its second year of operations. The companys unadjusted trial balance at October 31, 2020, follows:

RAINMAKER ENVIRONMENTAL CONSULTANTS Unadjusted Trial Balance October 31, 2020
Acct.No.	Account	Debit		Credit
101	Cash	$	25,400
106	Accounts receivable		65,000
109	Interest receivable		0
111	Notes receivable		54,000
126	Supplies		4,700
128	Prepaid insurance		2,380
131	Prepaid rent		25,200
161	Office furniture		88,000
162	Accumulated depreciation, office furniture			$	25,000
201	Accounts payable				17,400
210	Wages payable				0
233	Unearned consulting revenue				24,800
301	Jeff Moore, capital				231,640
302	Jeff Moore, withdrawals		27,400
401	Consulting revenue				236,020
409	Interest income				420
601	Depreciation expense, office furniture		0
622	Wages expense		196,000
637	Insurance expense		0
640	Rent expense		41,000
650	Supplies expense		6,200
	Totals	$	535,280	$	535,280

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

It was determined that $11,400 of the unearned consulting revenue had not yet been earned.
It was discovered that $13,400 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 $6,200.
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 $3,600.
Interest of $79 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 $560.

Required: 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.)

2. Complete the following T-Account with the adjusting entries for October 31, 2020.

3. Prepare an adjusted trial balance.

4-a. Use the adjusted trial balance to prepare an income statement.

4-b. Use the adjusted trial balance to prepare a statement of changes in equity. Assume that the owner, Jeff Moore, made no owner investments during the year.

4-c. Use the adjusted trial balance to prepare a balance sheet. Assume that the owner, Jeff Moore, made no owner investments during the year. (Be sure to list the assets and liabilities in order of their liquidity.)