Problem 3-01A a-c Mary Smith started her own consulting firm, Smith Consulting, on May 1, 2020. The trial balance at May 31 is as follows. SMITH CONSULTING Trial Balance May 31, 2020 Credit Account Number 101 Debit $ 4,400 5,800 1,700 112 126 130 2,400 10,200 149 201 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Owner's Capital Service Revenue Salaries and Wages Expense Rent Expense $ 4,200 209 301 400 726 1,900 15,200 7,500 3,300 1,000 729 $28,800 $28,800 In addition to those accounts listed on the trial balance, the chart of accounts for Smith 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. 2. 3 3. $700 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. $400 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. Smith Consulting has two employees, who are paid $800 each for a 5-day work week. The office furniture has a 5-year life with no salvage value. It is being depreciated at $170 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. Prepare the adjusting entries for the month of May. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Ref. Debit Credit 1. May 31 631 126 2 May 31 732 201 3. May 31 722 130 4. May 31 209 400 5. May 31 726 212 6. May 31 717 150 7. May 31 112 400 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 Balance Date Explanation Ref. Debit Credit May 31 Balance Accounts Receivable Date Explanation No. 112 Balance Ref. Debit Credit May 31 Balance May 31 Adjusting 14 Supplies Date No. 126 Balance Explanation Ref. Debit Credit May 31 Balance 14 May 31 Adjusting Prepaid Insurance Date Explanation No. 130 Balance Ref. Debit Credit May 31 Balance May 31 Adjusting 14 Equipment Date No. 149 Balance Explanation Ref. Debit Credit May 31 Balance V Accumulated Depreciation Equipment Date Explanation Ref. No. 150 Balance Debit Credit May 31 Adjusting 14 No. 201 Accounts Payable Date Explanation Ref. Debit Credit Balance May 31 Balance 34 May 31 Adjusting Unearned Service Revenue Explanation No. 209 Balance Date Ref. Debit Credit May 31 Balance 34 No. 212 Ref. Debit Credit Balance 14 May 31 Adjusting Salaries and Wages Payable Date Explanation May 31 Adjusting Owner's Capital Date Explanation May 31 Balance Service Revenue Date Explanation No. 301 Balance Ref. Debit Credit No. 400 Ref. Debit Credit Balance May 31 Balance V May 31 Adjusting 14 14 May 31 Adjusting Supplies Expense Date Explanation May 31 Adjusting No. 631 Balance Ref. Debit Credit 14 Depreciation Expense Date Explanation No. 717 Balance Ref. Debit Credit May 31 Adjusting 14 Insurance Expense Date Explanation No. 722 Balance Ref. Debit Credit 14 May 31 Adjusting Salaries and Wages Expense Date Explanation No. 726 Balance Ref. Debit Credit May 31 Balance May 31 Adjusting 14 No. 729 Rent Expense Date Explanation Ref. Debit Credit Balance May 31 Balance Utilities Expense Date Explanation No. 732 Balance Ref. Debit Credit May 31 Adjusting 14 Prepare an adjusted trial balance at May 31, 2020. SMITH CONSULTING Adjusted Trial Balance Debit Credit S S Totals S $ Click if you would like to Show Work for this question: Open Show Work