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Deanna Nardelli started her own consulting firm, Nardelli Consulting, on May 1, 2015. The trial balance at May 31 is as follows NARDELLI CONSULTING Trial
Deanna Nardelli started her own consulting firm, Nardelli Consulting, on May 1, 2015. The trial balance at May 31 is as follows NARDELLI CONSULTING Trial Balance May 31, 2015 Account Number 101 112 126 130 149 201 209 301 400 726 729 Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense 4,469 6,144 2,200 3,672 10,800 $ 2,506 1,971 19,776 7,715 3,320 1,363 $31,968 $31,968 In addition to those accounts listed on the trial balance, the chart of accounts for Nardelli 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. $1,194 of supplies have been used during the month. 2. Utilities expense incurred but not paid on May 31, 2015, $292. (Includes utilities payable under accounts payable.) 3. The insurance policy is for 2 years 4, 448 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. Nardelli Consulting has two employees, who are paid $975 each for a 5-day work week 6. The office furniture has a 5-year life with no salvage value. It is being depreciated at $180 per month for 60 months 7. Invoices representing $1,796 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 1. May 31 Debit Credit 2. May 31 3. May 31 4. May 31 5. May 31 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 presented in the previous part.) No. 101 Ref Debit Credit DateExplanation Balance May 31 Accounts Receivable No. 112 Debit Credit DateExplanation Ref Balance May 31 Balance May 31 Adjusting 04 No. 126 Date Explanation Debit Credit Ref Balance May 31 May 31 Prepaid Insurance Adjusting 04 No. 130 Debit Credit DateExplanation Ref Balance May 31 May 31 Equipment May 31 Accumulated Depreciation-Equipment Adjusting 04 No. 149 Debit DateExplanation Credit Balance No. 150 DateExplanation Ref Debit Credit Balance May 31 Adjusting J4 No. 201 Accounts Payable Accounts Payable No. 201 Debit Credit DateExplanation Ref Balance May 31 May 31 Unearned Service Revenue Balance Adjusting 04 No. 209 Debit Credit DateExplanation Ref Balance May 31 May 31 Salaries and Wages Payable Balance Adjusting 04 No. 212 Debit Credit DateExplanation Balance May 31 Adjusting 04 No. 301 Common Stock Debit Credit DateExplanation Balance May 31 Balance Service Revenue No. 400 Debit Credit DateExplanation Balance May 31 May 31 May 31 Supplies Expense Balance Adjusting 04 Adjusting 04 No. 631 Debit Credit DateExplanation Ref Balance May 31 Adjusting 04 Depreciation Expense Debit Credit DateExplanation Ref Balance Depreciation Expense Balance Credit Debit Ref Date Explanation 04 May 31 Adjusting No. 722 Insurance Expense Balance Credit Debit Ref Date Explanation 04 May 31 Salaries and Wages Expense May 31 May 31 Rent Expense Adjusting No. 726 Balance Credit Debit Ref Date Explanation Balance 04 Adjusting No. 729 Balance Credit Debit Ref Date Explanation May 31 Balance No. 736 Utilities Expense Balance Credit Debit Ref Date Explanation 04 May 31 Adjusting SHOW LIST OF ACCOUNTS LINK TO TEXT Adjusted Trial Balance May 31, 2015 Debit Credit
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