Current Attempt in Progress Sadie Cuono started her own consulting firm, Cuono Consulting, on May 1, 2020. The trial balance at May 31 is as follows. Cuono Consulting Trial Balance May 31, 2020 Account Number Debit Credit 101 Cash 4,700 112 Accounts Receivable 5.900 126 Supplies 1,800 130 Prepaid Insurance 2,400 149 Equipment 11,400 201 Accounts Payable 4.600 209 Unearned Service Revenue 1.900 311 Share Capital-Ordinary 16.000 400 Service Revenue 8,300 726 Salaries and Wages Expense 3,500 729 Rent Expense 1,100 30,800 30.800 In addition to those accounts listed on the trial balance, the chart of accounts for Cuono Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation-Equipment. No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 717 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense Other data: 1 700 of supplies have been used during the month. 2. Utilities expense incurred but not paid on May 31, 2020, 200. 3. The insurance policy is for 2 years. 4. 200 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. Cuono Consulting has two employees, who are paid 900 each for a 5-day work week. 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 1,600 of services performed during the month have not been recorded as of May 31 Prepare the adjusting entries for the month of May. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1 2020 May 31 May 2 31 May 3. 31 May 4. 31 May 5. 31 9 6. May 31 7. May 31 Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Post entries in the order of journal entries posted in the previous part of the question.) Cash Date Explanation Ref. Debit No. 101 Credit Balance 2020 May 31 Balance Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance May 31 Adjusting 14 Supplies No. 126 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance May 31 Adjusting 14 Prepaid Insurance No. 130 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance V May 31 Adjusting 04 Equipment No. 157 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance Accumulated Depreciation-Equipment No. 150 Date 2020 Explanation Ref. Debit Credit Balance May 31 Adjusting 34 Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance V May 31 Adjusting 34 Unearned Service Revenue No. 209 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance May 31 Adjusting ]4 Salaries and Wages Payable No. 212 Date Explanation Ref. Debit Credit Balance 2020 May 31 Adjusting 34 Share Capital-Ordinary No. 311 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance -/17 Service Revenue Date No. 400 Explanation Ref. Debit Credit Balance 2020 May 31 Balance May 31 Adjusting J4 May 31 Adjusting J4 Supplies Expense No. 631 Date Explanation Ref. Debit Credit Balance 2020 May 31 Adjusting 14 Depreciation Expense Date Explanation 2020 No. 717 Ref. Debit Credit Balance May 31 Adjusting 04 Insurance Expense No. 722 Date Explanation Ref. Debit Credit Balance 2020 May 31 Adjusting 14 Salaries and Wages Expense No. 726 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance May 31 Adjusting 34 Rent Expense No. 729 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance Utilities Expense No. 732 Date Explanation Ref. Debit Credit Balance 2020 May 31 Adjusting 34 Prepare an adjusted trial balance at May 31, 2020. CUONO CONSULTING Adjusted Trial Balance Debit Credit