Molly Candle started her own consulting firm, Candle Services, on May 1, 2022. The trial balance at May 31 is as shown below. CANDLE SERVICES Trial Balance 1-May-22 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense Debit Credit $7,500 3,000 2,500 3,600 14,400 $3,500 3,400 21,100 8,500 4,000 1,500 36,500 36,500 In addition to those accounts listed on the trial balance, the chart of accounts for Candle Services also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Fynence Other data: 1.$1,200 of supplies have been used during the month. 2. Utility costs incurred but not paid are $500. 3. The insurance policy is for 2 years. 4.$1,500 of the balance in the Unearned Service Revenue account remains unearned at the end of the month. 5. Assume May 31 is a Tuesday and employees are paid on Fridays. Candle Services has two employees that are paid $700 each for a 5-day work week. 6. The equipment has a 4-year life with no salvage value and is being depreciated at $300 per month for 48 months. 7. Invoices representing $1,000 of services performed during the month have not been recorded as of May 31. Instructions (a) Prepare the adjusting entries for the month of May. (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Use T-accounts.) (c) Prepare an adjusted trial balance at May 31, 2022 (d) Prepare an income statement and a retained earnings statement for May and a classified balance sheet at May 31.