Practice Problem 01 a-c (Part Level Submission) Sheffield started her own consulting firm, Sheffield Corp., on May 1, 2020. The trial balance at May 31 is as follows. Sheffield Corp. Trial Balance May 31, 2020 Account Number Debit Credit 101 Cash 112 Accounts Receivable $ 4,400 5,800 2,100 126 130 2,400 149 11,400 Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock 201 $ 4,400 2,100 209 311 16,500 400 Service Revenue 7,600 726 3,400 Salaries and Wages Expense Rent Expense 729 1,100 $30,600 $30,600 In addition to those accounts listed on the trial balance, the chart of accounts for Sheffield Corp. 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. 2. 3. 4. $1,100 of supplies have been used during the month. Utilities expense incurred but not paid on May 31, 2020, $200. The insurance policy is for 2 years. $500 of the balance in the unearned service revenue account remains unearned at the end of the month. May 31 is a Wednesday, and employees are paid on Fridays. Nardelli Consulting has two employees, who are paid $900 each for a 5-day work week. The equipment has a 5-year life with no salvage value. It is being depreciated at $190 per month for 60 months. Invoices representing $1,500 of services performed during the month have not been recorded as of May 31. 5. 6. 7. (b) Enter the totals from the trial balance as beginning account balances. Post the adjusting entries to the ledger accounts. (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 4400 4400 Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance May 31 Balance 5000 May 31 Adjusting 14 1500 7300 Supplies No. 125 Date Explanation Ref Debit Credit Balance May 31 Balance 5800 J4 May 31 Adjusting Prepaid Insurance Date Explanation No. 130 Balance Rel Debit Credit May 31 Balance No. 149 Balance Debit Credit May 31 Adjusting 14 Fquipment Date Explanation Ref May 31 Balance Accumulated Depredation-Equipment Date Explanation Rel May 31 Acusting 34 Accounts Payable Date Explanation Ref May 31 Balance No. 150 Balance Debit Credit No. 201 Balance Debit Credit J4 May 31 Adjusting Unearned Service Revenue Date Explanation May 31 Balance No. 200 Balance Ref Debit Credit 14 No. 212 Balance Ref Dehir Credit 14 May 31 Adjusting Salaries and Wages Payable Date Explanation May 31 Adjusting Common Stock Date Explanation Balance Service Ravenue Date Explanation No. 311 Balance Ref Debit Credit May 31 No. 400 Balance Ret Debit Credit May 31 Balance May 31 Adjusting 14 14 No. 631 Balance Rel Debit Credit 14 No. 717 Balance Rel Debit Credit May 31 Adjusting Supplies Expense Date Explanation May 31 Adjusting Depreciation Expense Date Explanation May 31 Achusting Insurance lixpense Date Explanation May 31 Adjusting Salaries and Wages Experise Date Explanation May 31 Balance 14 No. 723 Balance Ref Debit Credit No. 726 Balance Ref Debit Credit 7 14 No. 229 May 31 Adjusting Rent Expense Date Explanation May 31 Balance Rel Debit Credit Balance Utilities Expense Date Explanation No. 736 Balance Rel Debil Credit May 31 Acusting 14