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?

  • 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?

    <p>Depreciation of furniture over time</p> Signup and view all the answers

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

    <p>Revenue already recognized but not yet received</p> 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?

    <p>$24,000</p> 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?

    <p>$24,000</p> Signup and view all the answers

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

    <p>2 years</p> 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?

    <p>$24,000</p> Signup and view all the answers

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

    <p>$5,800</p> Signup and view all the answers

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