Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Rainmaker prepares adjustments each October 31. The following additional information is available on October 31, 2020. a. It was determined that $11,900 of the unearned
Rainmaker prepares adjustments each October 31. The following additional information is available on October 31, 2020. a. It was determined that $11,900 of the unearned consulting revenue had not yet been earned. b. It was discovered that $13,900 of the balance in the Consulting Revenue account was for services to be performed in November. c. The balance in the Prepaid Rent account represents three months of rent beginning September 1, 2020. d. Accrued wages at October 31 totalled $6,700. e. 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. f. Accrued consulting revenue at year-end totalled $4,100. g. Interest of $84 had accrued on the note receivable for the month of October. h. The balance in the Prepaid Insurance account represents the remaining balance of a two-year policy purchased on April 1, 2019. i. A count of the supplies on October 31 revealed a balance remaining of $610. Required: Rainmaker prepares adjustments each October 31. The following additional information is available on October 31, 2020. a. It was determined that $11,900 of the unearned consulting revenue had not yet been earned. b. It was discovered that $13,900 of the balance in the Consulting Revenue account was for services to be performed in November. c. The balance in the Prepaid Rent account represents three months of rent beginning September 1, 2020. d. Accrued wages at October 31 totalled $6,700. e. 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. f. Accrued consulting revenue at year-end totalled $4,100. g. Interest of $84 had accrued on the note receivable for the month of October. h. The balance in the Prepaid Insurance account represents the remaining balance of a two-year policy purchased on April 1, 2019. i. A count of the supplies on October 31 revealed a balance remaining of $610. Required: Total Assets $ 0 Liabilities Total Liabilities Total Liabilities and Equity Equity S S 0 Total Assets $ 0 Liabilities Total Liabilities Total Liabilities and Equity Equity S S 0 Total Assets $ 0 Liabilities Total Liabilities Total Liabilities and Equity Equity S S 0 Total Assets $ 0 Liabilities Total Liabilities Total Liabilities and Equity Equity S S 0 Total Assets $ 0 Liabilities Total Liabilities Total Liabilities and Equity Equity S S 0 Total Assets $ 0 Liabilities Total Liabilities Total Liabilities and Equity Equity S S 0 Total Assets $ 0 Liabilities Total Liabilities Total Liabilities and Equity Equity S S 0 Total Assets $ 0 Liabilities Total Liabilities Total Liabilities and Equity Equity S S 0 Total Assets $ 0 Liabilities Total Liabilities Total Liabilities and Equity Equity S S 0 Total Assets $ 0 Liabilities Total Liabilities Total Liabilities and Equity Equity S S 0 Total Assets $ 0 Liabilities Total Liabilities Total Liabilities and Equity Equity S S 0 Total Assets $ 0 Liabilities Total Liabilities Total Liabilities and Equity Equity S S 0 Total Assets $ 0 Liabilities Total Liabilities Total Liabilities and Equity Equity S S 0 Total Assets $ 0 Liabilities Total Liabilities Total Liabilities and Equity Equity S S 0
Step by Step Solution
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