Rainmaker Environmental Consultants is just finishing its second year of operations. The company’s unadjusted trial balance at October 31, 2023, follows.
Rainmaker prepares adjustments each October 31. The following additional information is available on October 31, 2023.
a. It was determined that $12,000 of the unearned consulting revenue had not yet been earned.
b. It was discovered that $14,000 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, 2023.
d. Accrued wages at October 31 totalled $6,800.
e. The office furniture was purchased on March 1, 2022, 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 $4,200.
g. Interest of $85 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, 2022.
i. A count of the supplies on October 31 revealed a balance remaining of $620.

    

Required
Prepare the annual adjusting journal entries for October 31, 2023, based on the above. Assume Rainmaker Environmental uses the straight-line method to depreciate its assets.

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Rainmaker Environmental Consultants Unadjusted Trial Balance October 31, 2023 Debit Credit Acct. No. Account 101 Cash 106 Accounts receivable 109 Interest receivable 111 Notes receivable 126 128 131 161 162 201 210 233 301 302 401 409 601 622 637 640 650 Supplies Prepaid insurance Prepaid rent Office furniture Accumulated depreciation, office furniture Accounts payable Wages payable Unearned consulting revenue Jeff Moore, capital Jeff Moore, withdrawals Consulting revenue Interest income Depreciation expense, office furniture Wages expense Insurance expense Rent expense Supplies expense Totals $ 26,000 61,000 -0- 50,000 5,300 3,400 27,000 84,000 28,000 -0- 192,000 -0- 44,000 $ 28,000 18,000 -0- 26,000 223,000 232,020 480 6,800 $527,500 $527,500