| | | Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2017. The trial balance at May 31 is as follows. KRAUSE CONSULTING Trial Balance May 31, 2017 | Account Number | | | | Debit | | Credit | 101 | | Cash | | $ 4,600 | | | 112 | | Accounts Receivable | | 6,200 | | | 126 | | Supplies | | 1,700 | | | 130 | | Prepaid Insurance | | 2,400 | | | 149 | | Equipment | | 11,400 | | | 201 | | Accounts Payable | | | | $ 4,800 | 209 | | Unearned Service Revenue | | | | 2,000 | 301 | | Owners Capital | | | | 16,600 | 400 | | Service Revenue | | | | 7,600 | 726 | | Salaries and Wages Expense | | 3,400 | | | 729 | | Rent Expense | | 1,300 | | | | | | | $31,000 | | $31,000 | 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 DepreciationEquipment, 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. | | $600 of supplies have been used during the month. | 2. | | Utilities expense incurred but not paid on May 31, 2017, $300. | 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. Krause Consulting has two employees, who are paid $800 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 $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. | | | | | | | 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 | Ref. | Debit | Credit | 1. | May 31 | | 631 | | | | | | 126 | | | 2. | May 31 | | 732 | | | | | | 201 | | | 3. | May 31 | | 722 | | | | | | 130 | | | 4. | May 31 | | 209 | | | | | | 400 | | | 5. | May 31 | | 726 | | | | | | 212 | | | 6. | May 31 | | 717 | | | | | | 150 | | | 7. | May 31 | | 112 | | | | | | 400 | | | | | | | | Prepare an adjusted trial balance at May 31, 2017. KRAUSE CONSULTING Adjusted Trial Balance For the Month Ended May 31, 2017May 31, 2017For the Year Ended May 31, 2017 | | Debit | | Credit | | $ | | $ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Totals | $ | | $ | | | | | |