Rainmaker Environmental Consultants is just finishing its

second year of #4318

Rainmaker Environmental Consultants is just finishing its second year of operations. The
company's unadjusted trial balance at October 31, 2014, follows:Rainmaker prepares
adjustments each October 31. The following additional information is available on October 31,
2014.a. It was determined that $12,000 of the unearned consulting fees had not yet been
earned.b. It was discovered that $14,000 of the balance in the Consulting Fees Earned 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, 2014.d. Accrued wages at October 31
totalled $6,800.e. The office furniture was purchased on March 1, 2013, 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 fees 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, 2013.i. A count of the supplies
on October 31 revealed a balance remaining of $620.RequiredPrepare the annual adjusting
journal entries for October 31, 2014. Based on the above.View Solution:
Rainmaker Environmental Consultants is just finishing its second year of

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