Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2020. The trial balance at May 31 is as follows. KRAUSE CONSULTING Trial Balance May 31, 2020 Account Number Debit Credit 101 Cash $ 4,500 112 Accounts Receivable 6,000 126 Supplies 1,900 130 Prepaid Insurance 3,600 Equipment 11,400 201 Accounts Payable $4,500 209 Uneared Service Revenue 2.000 301 Owners Capital 18.700 400 Service Revenue 9.500 720 Salaries and Wages Expense 6.400 729 Rent Expense 534,700 534,700 In addition to those accounts listed on the trial balance the chart of accounts for Krause Consulting aso contains the following accounts and account numbers: No. 150 Accumulated Depreciation Equipment, No. 212 Salaries and Wages Payable, No. 631 Suns Expense No. 717 Depreciation Expense No.722 Insurance Expense, and No. 732 Utilities Expense Other data CALCULATOR FULL SCREEN PRINTI Expense. Other data: 1. 2. 3. 4. 5. 6. 7. $900 of supplies have been used during the month. Utilities expense incurred but not paid on May 31, 2020, $250. The insurance policy is for 2 years. $400 of the balance in the unearned service revenue account remains unearned at the end of the month. May 31 is a Wednesday, and employees are paid on Fridays. Krause Consulting has two employees, who are paid $920 each for a 5-day work week. The office furniture 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, Prepare the adjusting entries for the month of May. (Credit account titles are automatically indented when the amount is entered. Do not indent Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2020. The trial balance at May 31 is as follows. KRAUSE CONSULTING Trial Balance May 31, 2020 Credit Account Number 101 112 Debit $ 4,500 6,000 1,900 3,600 126 130 11,400 149 201 209 301 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Uneared Service Revenue Owner's Capital Service Revenue Salaries and Wages Expense Rent Expense $ 4,500 2,000 18,700 9,500 400 726 729 6,400 900 $34,700 $34,700 In addition to those accounts listed on the trial balance, the chart of accounts for Krause 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 Other data: 1. 2. 3. $900 of supplies have been used during the month. Utilities expense incurred but not paid on May 31, 2020, $250. The insurance policy is for 2 years. $400 of the balance in the unearned service revenue account remains unearned at the end of the month. May 31 is a Wednesday, and employees are paid on Fridays. Krause Consulting has two employees, who are paid $920 each for a 5-day work week The office furniture 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. 5. 6. 7. Prepare the adjusting entries for the month of May. (Credit account titles are automatically indented when the amount is entered. Do not inde NA Date Account Titles and Fynlanation Ref Dehit Credit
