problem 3-10A

Problem -10A Posting, adjusted trial balance, and preparing financial statements LO6,7 CHECK FIGURES: 1. Adjusted trial balance, debits = $580,585: 4. Loss - $79,895 Required Using the information in Problem 3-9A, complete the following: Set up balance column accounts for Rainmaker Environmental Consultants and enter the balances listed in the unadjusted trial balance CHAPTER 3 Adjusting Accounts for Financial Statements 2. Post the adjusting entries prepared in Problem 3-9A to the accounts. 3. Prepare an adjusted trial balance. 4. Use the adjusted trial balance to prepare an income statement, a statement of changes in equity, and balance sheet. Assume that the owner, Jeff Moore, made no owner investments during the year. Analysis Component: Assume that total revenues and expenses reported for the year ended October 31 2019, were $189,000 and $157,600, respectively. Compare the business's financial performance for the year ended October 31, 2019 and 2020. Note For Part 1. your instructor may ask you to set up T-accounts instead of balance column accounts. The solution is available in both formats day AB 0 109 revealed a B C A count of the supplies on October Rainmaker Environmental Consultants Unatedral Balance October 31, 2020 Acct. No Account Debit Credit 101 Canh $26.000 108 Accounts receivable 61.000 Interest receivable 111 Noles receivable 50.000 5,300 Prepaid Insurance 3.400 131 Prepaid rent 27.000 161 Office Furniture 84.000 Accumulated depreciation office furniture $ 28,000 201 Accounts payable 18.000 210 Wanges payable 233 Uneamed consulting revenue 26.000 301 Jett Moore, capital 223,000 302 Jeff Moore, withdrawal 28.000 Consulting revenue 232,020 409 Interest income 480 601 Depreciation expense office furniture 622 Wages expense 192.000 Insurance expense Rent expense 44,000 Supplies expense 6,800 Totals $527,500 $527.500 401 Reme 0 650 Problem -10A Posting, adjusted trial balance, and preparing financial statements LO6,7 CHECK FIGURES: 1. Adjusted trial balance, debits = $580,585: 4. Loss - $79,895 Required Using the information in Problem 3-9A, complete the following: Set up balance column accounts for Rainmaker Environmental Consultants and enter the balances listed in the unadjusted trial balance CHAPTER 3 Adjusting Accounts for Financial Statements 2. Post the adjusting entries prepared in Problem 3-9A to the accounts. 3. Prepare an adjusted trial balance. 4. Use the adjusted trial balance to prepare an income statement, a statement of changes in equity, and balance sheet. Assume that the owner, Jeff Moore, made no owner investments during the year. Analysis Component: Assume that total revenues and expenses reported for the year ended October 31 2019, were $189,000 and $157,600, respectively. Compare the business's financial performance for the year ended October 31, 2019 and 2020. Note For Part 1. your instructor may ask you to set up T-accounts instead of balance column accounts. The solution is available in both formats day AB 0 109 revealed a B C A count of the supplies on October Rainmaker Environmental Consultants Unatedral Balance October 31, 2020 Acct. No Account Debit Credit 101 Canh $26.000 108 Accounts receivable 61.000 Interest receivable 111 Noles receivable 50.000 5,300 Prepaid Insurance 3.400 131 Prepaid rent 27.000 161 Office Furniture 84.000 Accumulated depreciation office furniture $ 28,000 201 Accounts payable 18.000 210 Wanges payable 233 Uneamed consulting revenue 26.000 301 Jett Moore, capital 223,000 302 Jeff Moore, withdrawal 28.000 Consulting revenue 232,020 409 Interest income 480 601 Depreciation expense office furniture 622 Wages expense 192.000 Insurance expense Rent expense 44,000 Supplies expense 6,800 Totals $527,500 $527.500 401 Reme 0 650