Problems: Set A 3-51 In addition to those accounts listed on the trial balance, the chart of accounts for Krause 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. $900 of supplies have been used during the month. 2. Utilities expense incurred but not paid on May 31, 2020, $250 3. The insurance policy is for 2 years 4. 5400 of the balance in the unearned service revenue account remains unearned at the end of the month. 5. May 31 is a Wednesday, and employees are paid on Fridays. Krause Consulting has two employees who are paid $920 each for a 5-day work week. 6. The office furniture has a 5-year life with no salvage value. It is being depreciated at $190 per month for 60 months 7. Invoices representing $1,700 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 34 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, 2020 c. Adj. trial balance $37.944 Prepare adjusting entries pour to ledger accounts, and prepare an adjusted trial balance P3.1A (LO 2, 3, 4) Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2020. The trial balance at May 31 is as follows. Krause Consulting Trial Balance May 31, 2020 Account Number Debit Credit 101 Cash $ 4.500 112 Accounts Receivable 6,000 126 Supplies 1.900 Prepaid Insurance 3.600 149 Equipment 11,400 201 Accounts Payable $ 4.500 209 Linearned Service Revenue 2.000 301 Owner's Capital 18,700 400 Service Revenue 9.500 726 Salaries and Wages Expense 6.400 729 Rent Expense 900 $34.700 $34.700 130 Problems: Set A 3-51 In addition to those accounts listed on the trial balance, the chart of accounts for Krause 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. 5900 of supplies have been used during the month. 2. Utilities expense incurred but not paid on May 31, 2020, $250. 3. The insurance policy is for 2 years. 4. $400 of the balance in the unearned service revenue account remains uncanned at the end of the month. 5. May 31 is a Wednesday, and employees are paid on Fridays. Krause Consulting has two employees. who are paid $920 cach for a 5-day work week. 6. The office furniture has a 5-year life with no salvage value. It is being depreciated at $190 per month for 60 months 7. Invoices representing $1,700 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 34 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, 2020, Adj. trial balance 537,944
