Homework: Chapter 3 Question 10 of 10 View Policies Current Attempt in Progress < -/1 E Deanna Nardelli started her own consulting firm, Concord Consulting, on May 1, 2022. The unadjusted trial balance at May 31 is as follows. Concord Trial Balance May 31, 2022 Account Number Debit Credit 101 Cash $3.870 112 Accounts Receivable 5.160 126 Supplies 1.634 130 Prepaid Insurance 3,096 149 Equipment 9,840 201 Accounts Payable $1.892 209 Unearned Service Revenue 1,720 311 Common Stock 17.236 400 Service Revenue 6,450 726 Salaries and Wages Expense 2,924 729 Rent Expense 774 $27.298 $27,298 In addition to those accounts listed on the trial balance, the chart of accounts for Concord 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. $774 of supplies have been used during the month. 2. Utilities expense incurred but not paid or recorded on May 31, 2022, $215. 3. An insurance policy for 2 years was purchased on May 1. 4. $344 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. Concord Consulting has two employees, who are paid $740 each for a 5-day work week. 6. The equipment has a 5-year life with no salvage value. It is being depreciated at $164 per month for 60 months. 7. Invoices representing $1,462 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation 1 May 31 May 2. 31 May 3. 31 May 4. 31 May 5. 31 May 6. 31 7. May 31 eTextbook and Media List of Accounts Debit Credit 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: v Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance May 31 Balance V May 31 Adjusting 34 Supplies No. 126 Date Explanation Ref Debit Credit Balance May 31 Balance V May 31 Adjusting 34 Prepaid Insurance No. 130 Date Explanation Ref Debit Credit Balance May 31 Balance v May 31 Adjusting 34 Equipment No. 149 Date Explanation Ref Debit Credit Balance V May 31 Balance Accumulated Depreciation- No. 150 Equipment Date Explanation Ref Debit Credit Balance May 31 Adjusting 04 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 31 Adjusting Salaries and Wages Payable No. 209 Ref Debit Credit Balance V 34 No. 212 Ref Debit Credit Balance Date Explanation May 31 Adjusting 34 Common Stock No. 311 Date Explanation Ref Debit Credit Balance May 31 Balance V Service Revenue No. 400 Date Explanation Ref Debit Credit Balance May 31 Balance v May 31 Adjusting 34 May 31 Adjusting 34 Supplies Expense No. 631 Date Explanation Ref Debit Credit Balance May 31 Adjusting 34 Depreciation Expense Date Explanation No. 717 Ref Debit Credit Balance May 31 Adjusting 34 Insurance Expense No. 722 Date Explanation Ref Debit Credit Balance May 31 Adjusting 34 Salaries and Wages Expense No. 726 Date Explanation Ref Debit Credit Balance May 31 Balance May 31 Adjusting 34 Rent Expense Date Explanation May 31 Balance No. 729 Ref Debit Credit Balance V Utilities Expense No. 736 Date Explanation Ref Debit Credit Balance May 31 Adjusting 34 eTextbook and Media List of Accounts Prepare an adjusted trial balance at May 31, 2022. Totals eTextbook and Media List of Accounts Save for Later Concord Adjusted Trial Balance Debit Credit $ $ Attempts: 0 of 3 used Submit Answer