Problem 3-01A a-c (Video) Deanna Nardelli started her own consulting firm, Nardelli Consulting, on May 1, 2020. The trial balance at May 31 is as follows. Nardelli Consulting Trial Balance May 31, 2020 Credit Account Number 101 112 126 Debit $ 4,500 6,000 1,900 3,600 11,400 201 209 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 2,200 2,000 20,000 7,500 311 400 3,400 900 $31,700 $31,700 In addition to those accounts listed on the trial balance, the chart of accounts for Nardelli 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. $900 of supplies have been used during the month. Utilities expense incurred but not paid on May 31, 2020, $250. 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. 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 $1,700 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. Debit No. Date Account Titles and Explanation 1. May 31 Credit 2. May 31 3. May 31 4. May 31 5. May 31 6. May 31 7. May 31 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 Date No. 101 Balance Explanation Ref Debit Credit May 31 Balance Accounts Receivable Date Explanation No. 112 Balance Ref Debit Credit May 31 Balance May 31 Adjusting Supplies Date No. 126 Balance Explanation Ref Debit Credit May 31 Balance May 31 Adjusting Prepaid Insurance Date Explanation Ref Debit Credit No. 130 Balance May 31 Balance May 31 Adjusting Equipment Date No. 149 Balance Explanation Ref Debit Credit May 31 Balance Accumulated Depreciation Equipment Explanation Ref May 31 Adjusting 34 No. 150 Balance Debit Credit Accounts Payable Date Explanation May 31 Balance No. 201 Balance Ref Debit Credit May 31 Adjusting 34 Unearned Service Revenue Date Explanation No. 209 Balance Ref Debit Credit May 31 Balance May 31 Adjusting Salaries and Wages Payable Date Explanation No. 212 Balance Debit Credit Ref 34 May 31 Adjusting Common Stock No. 311 Balance Date Explanation Ref Debit Credit May 31 Balance Service Revenue Date Explanation No. 400 Balance Ref Debit Credit May 31 Balance May 31 Adjusting May 31 Adjusting Supplies Expense Date Explanation No. 631 Balance Ref Debit Credit May 31 Adjusting 34 Depreciation Expense Date Explanation No. 717 Balance Ref Debit Credit May 31 Adjusting 34 Insurance Expense Date Explanation No. 722 Balance Debit Credit Ref 34 May 31 Adjusting Salaries and Wages Expense Date Explanation No. 726 Balance Ref Debit Credit May 31 Balance May 31 Adjusting Rent Expense Date No. 729 Balance Explanation Ref Debit Credit May 31 Balance Utilities Expense Date Explanation No. 736 Balance Ref Debit Credit May 31 Adjusting 14 Prepare an adjusted trial balance at May 31, 2020. Nardelli Consulting Adjusted Trial Balance Debit Credit Totals