Part B

Current Attempt in Progress Michelle Walker started her own consulting firm, Walker Consulting, on May 1, 2020. The trial balance at May 31 is as follows. WALKER CONSULTING Trial Balance May 31, 2020 Account Number Debit Credit 101 Cash 112 Accounts Receivable 126 Supplies 130 Prepaid Insurance 149 Equipment 201 Accounts Payable $4,800 209 Unearned Service Revenue 2,100 301 Owner's Capital 19,700 400 Service Revenue 7,500 726 Salaries and Wages Expense 3,400 729 Rent Expense 1,400 $34,100 $34,100 In addition to those accounts listed on the trial balance, the chart of accounts for Walker Consulting also contains the following accounts and account numbers: No. 150 Accumulated Depreciation-Equipment, 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. $800 of supplies have been used during the month. 2. Utilities expense incurred but not paid on May 31, 2020, $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. Walker Consulting has two employees, who are paid $1,100 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 $200 per month for 60 months. 7. Invoices representing $1,700 of services performed during the month have not been recorded as of May 31. $4,400 6,200 1,900 4,800 12,000 Your Answer Correct Answer (Used) Prepare the adjusting entries for the month of May. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) ite Account Titles and Explanation Ref. Debit Credit By Supplies Expense 631 800 Supplies 126 Utilitles Expense 732 300 Accounts Payable 201 Insurance Expense 722 200 Prepald Insurance 130 Unearned Service Revenue 209 1,700 Service Revenue 400 Salarles and Wages Expense 726 1,320 Salarles and Wages Payable 212 Depreciation Expense 717 200 Accumulated Depreciation-Equipment 150 Accounts Receivable 112 1,700 Service Revenue 400 ly ly By ly ly ly 800 300 200 1,700 1,320 200 1,700 (b) 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 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting J4 Supplies Date Explanation Ref. Debit Credit May 31 Balance May 31 Adjusting J4 Prepaid Insurance Date Explanation Ref. Debit Credit May 31 Balance May 31 Adjusting J4 Equipment Date Explanation Ref. Debit Credit May 31 Balance Accumulated Depreciation Equipment Date Explanation Ref. Debit Credit May 31 Adjusting 34 Accounts Payable Date Explanation Ref. Debit Credit May 31 Balance Balance No. 126 No. 130 Balance Balance Balance Balance No. 149 No. 150 No. 201 Question 5 of 6 Accounts Payable Date Explanation Ref. May 31 Balance May 31 Adjusting J4 Unearned Service Revenue Date Explanation Ref. May 31 Balance May 31 Adjusting J4 Salaries and Wages Payable Date Explanation Ref. May 31 Adjusting J4 Owner's Capital Date Explanation Ref. May 31 Balance Service Revenue Date Explanation Ref. May 31 Balance May 31 Adjusting J4 May 31 Adjusting J4 Supplies Expense Date Explanation Ref. May 31 Adjusting J4 Depreciation Expense Date Explanation Ref. May 31 Adjusting J4 Insurance Expense Date Explanation Ref. May 31 Adjusting 34 Salaries and Wanes Debit Debit Debit Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit Credit Credit Credit 3.17/10 Balance Balance Balance Balance Balance Balance Balance Balance No. 201 No. 209 No. 212 No. 301 No. 400 No. 631 No. 717 No. 722 Question 5 of 6 > Service Revenue Date Explanation Ref. May 31 Balance May 31 Adjusting J4 May 31 Adjusting J4 Supplies Expense Date Explanation Ref. May 31 Adjusting J4 Depreciation Expense Date Explanation Ref. May 31 Adjusting J4 Insurance Expense Date Explanation Ref. May 31 Adjusting J4 Salaries and Wages Expense Date Explanation Ref. May 31 Balance May 31 Adjusting J4 Rent Expense Date Explanation Ref. May 31 Balance Utilities Expense Date Explanation Ref. May 31 Adjusting J4 eTextbook and Media List of Accounts Save for Later Debit Debit Debit Debit Debit Debit Debit ve Credit Credit Credit Credit Credit Credit Credit 3.17/10 Balance Balance Balance No. 400 Balance Balance Balance Balance Attempts: 0 of 3 used No. 631 No. 717 No. 722 No. 726 No. 729 No. 732 Submit