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

1. It was determined that $12,700 of the unearned consulting revenue had not yet been earned.
2. It was discovered that $14,700 of the balance in the Consulting Revenue account was for services to be performed in November.
3. The balance in the Prepaid Rent account represents three months of rent beginning September 1, 2020.
4. Accrued wages at October 31 totalled $7,500.
5. 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.
6. Accrued consulting revenue at year-end totalled $4,900.
7. Interest of $92 had accrued on the note receivable for the month of October.
8. The balance in the Prepaid Insurance account represents the remaining balance of a two-year policy purchased on April 1, 2019.
9. A count of the supplies on October 31 revealed a balance remaining of $690.

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.)

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 Account Acct. No. Debit Credit 101 Cash 106 Accounts receivable $ 26,700 68,000 0 57,000 109 Interest receivable 111 Notes receivable 126 Supplies 6,000 128 Prepaid insurance 4,590 131 Prepaid rent 29,100 161 Office furniture 91,000 162 Accumulated depreciation, office furniture 201 Accounts payable $ 31,500 18,700 0 27,400 210 Wages payable 233 Unearned consulting revenue 301 Jeff Moore, capital 247,920 302 Jeff Moore, withdrawals 28,700 401 Consulting revenue 239,020 550 409 Interest income 601 Depreciation expense, office furniture 0 622 Wages expense 199,000 637 Insurance expense 0 640 Rent expense 47,500 7,500 650 Supplies expense Totals $565,090 $565,090