Rainmaker Environmental Consultants Unadjusted Trial Balance Quiz

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What is the reason behind the interest of $75 that accrued on the note receivable for the month of October?

Insurance fee

Penalty for late payment (correct)

Investment return

Administrative fee

Why did the supplies balance remain at $520 on October 31?

New supplies were purchased

Unused supplies were returned

Some supplies were lost or misplaced

Supplies were consumed at a rapid rate (correct)

Based on the information provided, what is the significance of the Prepaid Insurance account balance?

Reflects insurance company profits

Shows insurance premium payments

Indicates insurance coverage period (correct)

Represents insurance claim reserves

Why is it stated that after two years of use, the furniture will be worthless?

Depreciation of furniture over time Signup and view all the answers

What does the accrued consulting revenue of $3,200 signify?

Revenue already recognized but not yet received Signup and view all the answers

What is the total amount of unearned consulting revenue that had not yet been earned as of October 31, 2023?

$24,000 Signup and view all the answers

How much was the total consulting revenue recognized for services to be performed in November on October 31, 2023?

$24,000 Signup and view all the answers

What is the total estimated useful life of the office furniture purchased on March 1, 2022?

2 years Signup and view all the answers

What is the total amount of prepaid rent represented by the balance in the Prepaid Rent account on October 31, 2023?

$24,000 Signup and view all the answers

What is the total combined balance of wages payable and accrued wages at October 31, 2023?

$5,800 Signup and view all the answers

Rainmaker Environmental Consultants Unadjusted Trial Balance Quiz

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Questions and Answers

What is the reason behind the interest of $75 that accrued on the note receivable for the month of October?

Why did the supplies balance remain at $520 on October 31?

Based on the information provided, what is the significance of the Prepaid Insurance account balance?

Why is it stated that after two years of use, the furniture will be worthless?

What does the accrued consulting revenue of $3,200 signify?

What is the total amount of unearned consulting revenue that had not yet been earned as of October 31, 2023?

How much was the total consulting revenue recognized for services to be performed in November on October 31, 2023?

What is the total estimated useful life of the office furniture purchased on March 1, 2022?

What is the total amount of prepaid rent represented by the balance in the Prepaid Rent account on October 31, 2023?

What is the total combined balance of wages payable and accrued wages at October 31, 2023?

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