Prepare the adjusting journal entries for the month of May

Exercise 12 Jonas Jorgenson started his own consulting firm, Jorgenson consulting, on May 1, 2017. The trial balance at May 31 is as shown. JORGENSON CONSULTING Trial Balance May 31, 2012 Credit Debit Cash $7,500 Accounts Receivable 3,000 Prepaid Insurance 3,600 Supplies 2,500 Equipment 12,000 Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense 4,000 Rent Expense 1,500 $34,100 $3,500 4,000 19,100 7,500 $34,100 In addition to those accounts listed on the trial balance (above) the chart of accounts for Jorgenson consulting also contains the following accounts: Accumulated Depreciation Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. $750 of supplies have been used during the month. 2. Utility costs incurred (used) but not paid are $260. 3. The insurance policy is for 2 years. (2 years of insurance was purchased at the beginning of the month.) 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 Thursday and employees are paid on Fridays.Jorgenson Consulting has two employees that are paid $600 each for a 5-day work week. The employees are paid once per week. 6. The equipment has a 5-year life with no salvage value and is being depreciated at $200 per month for 60 months. 7. Invoices representing $1,980 of services performed during the month have not been recorded as of May 31. This is work that has already been performed but has not yet been included in the trial balance above. Instructions Prepare the adjusting journal entries for the month of May