Prepare adjusting entries, post to ledger accounts, and prepare an adjusted trial balance (LO 5, 6, 7) 112 P3-1B Lira Lopez started her own consulting firm, Lira Consulting, Inc. on May 1, 2014 The trial balance at May 31 is as follows. Lira Consulting, Inc. Trial Balance May 31, 2014 Account Number Debit Credit 101 Cash R$ 7,700 Accounts Receivable 4,000 126 Supplies 1,500 130 Prepaid Insurance 2,400 Equipment 12,000 201 Accounts Payable R$ 4,500 209 Unearned Service Revenue 2.600 Share Capital-Ordinary 16,000 400 Service Revenue 8.500 726 Salaries and Wages Expense 3,000 Rent Expense 1.000 R$31,600 R$ 31,600 157 311 729 In addition to those accounts listed on the trial balance, the chart of accounts for Lira Con- sulting 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. No. 722 Insurance Expense, and No. 732 Utilities Expense. Problems: Set B 147 Other data: 1. R$500 of supplies have been used during the month. 2. Utilities expense incurred but not paid on May 31, 2014, RS200. 3. The insurance policy is for 2 years. 4. R$1,000 of the balance in the Uneared Service Revenue account remains unearned at the end of the month. 5. May 31 is a Wednesday, and employees are paid on Fridays. Lira Consulting has two employees, who are paid R$500 each for a 5-day work week. 6. The office equipment has a 5-year life with no residual value. It is being depreciated at R$200 per month for 60 months. 7. Invoices representing R$1,400 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. Use J4 as the page number for your journal. (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column (c) Prepare an adjusted trial balance at May 31, 2014 Adj. trial balance R$34,000