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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

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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.
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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

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631

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126

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2. May 31

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732

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201

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3. May 31

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722

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130

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4. May 31

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209

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400

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5. May 31

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726

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212

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6. May 31

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717

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150

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7. May 31

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112

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400

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Prepare an adjusted trial balance at May 31, 2017.
KRAUSE CONSULTING Adjusted Trial Balance

image text in transcribed For the Month Ended May 31, 2017May 31, 2017For the Year Ended May 31, 2017

Debit

Credit

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$

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$

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Totals $

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$

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