Instructions

Continue Mini Case 1 (the Accounting Cycle Part 1), the following information is available for FastForward in September that may need adjustments.[1]

1. By the end of September, FastForward has provided another one months consulting work to XYZ co. based on their contract on August 15.
2. A physical account indicates that only $50 supplies are still left unused as of September 30.
3. Prepare the necessary adjusting journal entry to record the use of the rented office space in September.
4. Prepare the necessary adjusting journal entry to record the use (i.e., depreciation) of the computers purchased on September 4. FastForward decided to adopt the straight-line method to calculate the depreciation.
5. On September 29, received the September utility bill of $930 from Second Energy Co. and will pay the bill in October.
6. On September 27, earned $4,700 of commissions for referring customers to Stow Inc. The amount has not yet billed to Stow until October 9.

Requirements:

Step 5: Prepare and post the adjusting journal entries.

Step 6: Prepare the adjusted trial balance as of 9/30.

Step 7: Prepare the Income Statement (ignore income tax), Statement of Retained Earnings

and the Balance Sheet for FastForward for September.

Step 8: Close temporary accounts.

Step 9: Prepare the post-closing trial balance as of 9/30.