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ADJUSTING ENTRIES: The following adjustments are needed as of May 31: (a) $300 of the supplies were used. (b) $500 of the insurance has

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ADJUSTING ENTRIES: The following adjustments are needed as of May 31: (a) $300 of the supplies were used. (b) $500 of the insurance has expired. () O'Malley determined that he has earned $1,000 in consulting fees for May for which he has not yet billed clients. Accounts Trial Balance Entries The Work Sheet Adjusting Adjusted Trial Balance Debit Credit Debit Credit Debit Cash Supplies Prepaid Insurance Accounts Payable Notes Payable O'Malley, Capital Consulting Fees Rent Expense Telephone Expense Utility Expense Wages Expense Balance Sheet Income Statement Credit Debit Credit Debit Credit

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