ABC Co. started his own consulting firm, ABC Consulting, on May 1, 2020. The trial balance at May 31 is as follows. Account Number 101 112 126 130 149 201 209 311 400 726 729 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Une arned Service Revenue Share Capital-Ordinary Service Revenue Salaries and Wages Expense Rent Expense Debit 4,500 6,000 1,900 3,600 11,400 6,400 900 34,700 Credit 4,500 2,000 18,700 9,500 34,700 Other data: 1. 900 of supplies have been used during the month. 2. Utilities expense incurred but not paid on May 31, 2020, 250. 3. The insurance policy is for 2 years. 4. 400 of the balance in the unearned service revenue account remains unearned at the end of the month. 5. May 31 is a Wednesday, and employees are paid on Fridays. ABC Consulting has two employees, who are paid 920 each for a 5-day work week. 1104 6. The office furniture has a 5-year life with no residual value. It is being depreciated at 190 per month for 60 months. 7. Invoices representing 1,700 of services performed during the month have not been recorded as of May 31. Instructions a. Prepare the adjusting entries for the month of May b. Prepare an income statement and a retained earnings statement for the month of May and a statement of financial position at May 31.