MARTIN CONSULTING Trial Balance May 31, 2022 Account Number Debit Credit 101 Cash $ 4,500 112 Accounts Receivable 5.800 126 Supplies 2.300 130 Prepaid Insurance 6,600 157 Equipment 10,800 201 Accounts Payable $ 4,800 301 Owner's Capital 20,700 400 Service Revenue 7,900 726 Salaries and Wages Expense 3,400 $33,400 $33,400 In addition to those accounts listed on the trial balance. the chart of accounts for Martin Consulting also contains the following accounts and account numbers: No. 158 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, and No. 722 Insurance Expense. Other data: 1. $600 of supplies have been used during the month. 2 . The insurance policy is for 2 years. 3. May 31 is a Wednesday, and employees are paid on Fridays. Martin Consulting has two employees, who are paid $870 each for a 5-day work week. 4. The office furniture is being depreciated at $180 per month for 60 months. (a) Your answer is correct. Prepare the adjusting entries for the month of May. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) 14 No. Date Account Titles and Explanation Debit Credit May 1 Supplies Expense 600 31 Supplies 600 May 2. 275 31 Insurance Expense Prepaid Insurance 275 May 3. 31 Salaries and Wages Expense 1,044 Salaries and Wages Payable 1.044 May 4 31 Depreciation Expense 180 Accumulated Depreciation-Equipment 180b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (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 4,500 4,500 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance May 31 Balance V 5,800 5,800 Supplies No. 126 Date Explanation Ref. Debit Credit Balance May 31 Balance V 800 May 31 Adjusting J4 Prepaid Insurance No. 130 Date Explanation Ref. Debit Credit Balance May 31 Balance V May 31 Adjusting 14 Cquipment No. 157 Date Explanation Ref Debit Credit Balance May 31 Balance V Accumulated Depreciation No. 158 Equipment Date Explanation Ref Dehit Credit Balance May 31 Adjusting Accounts Payable No. 201 Date Explanation Ret Debit Credit Balance May 31 Balance V Salaries and Wages Payable No. 212 Date Explanation Ref. Debit Credit Balance May 31 Adjusting J4 Owner's Capital No. 301 Date Explanation Ref Debit Credit Balance May 31 Balance VMay 31 Balance V Service Revenue No. 400 Date Explanation Ref Debit Credit Balance May 31 Balance V Supplies Expense No. 631 Date Explanation Ref Debit Credit Balance May 31 Adjusting Depreciation Expense No. 711 Date Explanation Ref Debit Credit Balance May 31 Adjusting 34 Insurance Expense No. 722 Date Explanation Ref. Debit Credit Balance May 31 Adjusting 14 Salaries and Wages Expense No. 726 Date Explanation Ref Debit Credit Balance May 31 Balance V May 31 Adjusting 14