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 month’s consulting
work to XYZ co. based on their contract on August 15.
2. A physical account indicates that only $50 supplies 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 utilities 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.

QUESTION: Based on the info above, complete the next steps in the accounting process that are listed below:

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?

PICTURES ARE SOLUTIONS TO MINI CASE 1

  
 
 

FastForward Post-Closing Trial Balance August 31 Cash Debit $38,200 Credit Accounts Receivable Supplies 9,800 260 Unearned Revenue $12,500 Utilities Payable 900 Common Stock 20,000 Retained Earnings 14,860 Totals $48,260 $48,260