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Logan Miller started her own accounting firm, Miller Accounting, on May 1, 2017. Logan Miller wants to prepare monthly financial statements, so adjusting journal entries

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Logan Miller started her own accounting firm, Miller Accounting, on May 1, 2017. Logan Miller wants to prepare monthly financial statements, so adjusting journal entries are required on May 31. Selected transactions for May follow: 1. $990 of supplies were used during the month. 2. Utilities expense incurred but not yet recorded or paid on May 31, 2017, is $273. 3. Paid cash of $3,888 for a one-year insurance policy on May 1, 2017. The policy came into effect on this date. 4. On May 1, purchased office equipment for $14,760 cash. It is being deprecated at $246 per month for 6 months. 5. On May 1, Logan signs a note payable for $12,400, 6% interest 6. May 31 is a Wednesday and employees are paid on Fridays. Miller Accounting has two employees, who are paid $920 each for a five-day workweek that ends on Friday. 7. On May 15, received a $800 advance cash payment from a client for accounting services expected to be provided in the future. As at May 31, one half of these services had not been performed 8. Invoices representing $1,700 of services performed during the month of May have not been recorded as at May 31, Prepare adjusting entries for the items above. (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 for the amounts) Debit Credit No. Date Account Titles and Explanation 990 1. May 31 Supplies Expense 990 Supplies ENG 607 PM US2000-06-21 O arch RI well Gradebook ORION Dpen Assignment No. Date Account Titles and Explanation ESOURCES Summer Debit Credit FULL SCREE 1. May 31 Supplies Expense 990 Supplies 990 2. May 31 utilities Expense 273 Accounts Payable 273 3. May 31 Insurance Expense 324 Prepaid Insurance 324 4. May 31 Depreciation Expense 246 Accumulated Depreciation - Equipment 246 5. May 31 Interest Expense 372 Interest Payable 372 6. May 31 Salaries Expense 920 O be here to search DLL FULL SCREEN 4. May 31 Depreciation Expense 246 Accumulated Depreciation - Equipment 246 5. May 31 Interest Expense 372 Interest Payable 372 6. May 31 Salaries Expense 920 Salaries Payable 920 x 7. May 31 Cash 400 Service Revenue 400 8. May 31 Accounts Receivable 1700 1700 Service Revenue SHOW LIST OF ACCOUNTS III 1 to search O 31

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