Deanna Nardelli started her own consulting firm, Nardelli Consulting, on May 1, 2022. The unadjusted trial balance at May 31 is as follows. Nardelli Trial Balance May 31, 2022 Account Number 101 112 Debit Credit Cash $4,500 Accounts Receivable 6,000 126 Supplies 1.900 130 Prepaid Insurance 3,600 149 Equipment 11,400 201 Accounts Payable $2.200 101 Cash $4,500 112 Accounts Receivable 6,000 126 Supplies 1,900 130 Prepaid Insurance 3,600 149 Equipment 11,400 201 Accounts Payable $2,200 209 Unearned Service Revenue 2,000 311 Common Stock 20,000 400 Service Revenue 7,500 726 Salaries and Wages Expense 3,400 729 Rent Expense 900 $31,700 $31,700 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 $900 of supplies have been used during the month. 2. Utilities expense incurred but not paid or recorded on May 31, 2022. $250, 3. An insurance policy for 2 years was purchased on May 1. $400 of the balance in the unearned service revenue account remains unearned at the end of the month. 4. 5. 6. 7. May 31 is a Wednesday, and employees are paid on Fridays. Nardelli Consulting has two employees, who are paid $900 each for a 5-day work week. The equipment has a 5-year life with no salvage value. It is being depreciated at $190 per month for 60 months. Invoices representing $1.700 of services performed during the month have not been recorded as of May 31. Part 1 Your answer is partially correct. Prepare the adjusting entries for the month of May. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) " Date Account Titles and Explanation May Supplies Expense 31 Supplies May 31 Utilities Expense Accounts Payable May Insurance Expense Debit 1000 300 100 Credit 1000 300 May 31 Insurance Expense Prepaid Insurance 100 May 31 1600 Unearned Service Revenue Service Revenue May 31 Salaries and Wages Payable Salaries and Wages Payable May 31 Depreciation Expense Equipment 1320 180 May 31 Accounts Receivable 1800 100 1600 1320 180 Question 12015 May Salaries and Wages Payable 31 Salaries and Wages Payable May 31 Depreciation Expense Equipment 1320 180 1800 May Accounts Receivable 31 Service Revenue 1320 180 1800 Part 2 Enter the totals from the trial balance as beginning account balances. Post the adjusting entries to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash No. 101 Date Explanation Ref Debit Credit Balance May 31 Balance Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance May 31 Balance May 31 Adjusting 34 Supplies No. 126 Supplies No. 126 Date Explanation Ref Debit Credit Balance May 31 Balance May 31 Adjusting 34 Prepaid Insurance No. 130 Date Explanation Ref Debit Credit Balance May 31 Balance V May 31 Adjusting 34 No. 149 Equipment Date Explanation Ref Debit Credit Balance May 31 Balance tion- No. 150 Accumulated Depreciation- No. 150 Equipment Date Explanation Ref Debit Credit Balance May 31 Adjusting 34 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance May 31 Balance v May 31 Adjusting 34 Unearned Service Revenue Date Explanation May 31 Balance May 21 Adjusting No. 209 Ref Debit Credit Balance Unearned Service Revenue Date Explanation May 31 Balance May 31 Adjusting No. 209 Ref Debit Credit Balance 34 Salaries and Wages Payable No. 212 Date Explanation Ref Debit Credit Balance May 31 Adjusting 34 Common Stock No. 311 Date Explanation Ref Debit Credit Balance May 31 Balance Service Revenue No. 400 Date Explanation Ref Debit Credit Balance Service Revenue No. 400 Date Explanation Ref Debit Credit Balance: May 31 Balance May 31 Adjusting 34 May 31 Adjusting 34 Supplies Expense No. 631 Date Explanation Ref Debit Credit Balance May 31 Adjusting 34 Depreciation Expense No. 717 Date Explanation Ref Debit Credit Balance May 31 Adjusting 34 No. 722 No. 722 Insurance Expense Date Explanation Ref Debit Credit Balance May 31 Adjusting 34 Salaries and Wages Expense No. 726 Ref Debit Credit Balance Date Explanation May 31 Balance May 31 Adjusting 34 Rent Expense No. 729 Date Explanation Ref Debit Credit: Balance May 31 Balance Utilities Expense No. 736 Date Explanation Ref Debit Credit Balance