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Enter the totals from the trial balance as beginning account balances. Post the adjusting entries to the ledger accounts. (Post entries in the order
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 Date Explanation Ref Debit No. 101 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 Date Explanation Ref Debit Credit Balance May 31 Balance May 31 Adjusting 04 Prepaid Insurance No. 130 Date Explanation Ref Debit Credit Balance Deanna Nardelli started her own consulting firm, Nardelli Consulting, on May 1, 2020. The trial balance at May 31 is as follows. Nardelli Consulting Trial Balance May 31, 2020 Account Number Debit Credit 101 Cash $4,500 112 Accounts Receivable 6,000 1261 Supplies 1,900 130 Prepaid Insurance 3,600 149 Equipment i 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 3400 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 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 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. Nardelli Consulting has two employees, who are paid $900 each for a 5-day work week. 6. The equipment has a 5-year life with no salvage 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.
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