Sadie Cuono started her own consulting firm, Cuono Consulting, on May 1, 2020. The trial balance at May 31 is as follows. Cuono Consulting Trial Balance May 31, 2020 Account Number Debit Credit 101 Cash 4,600 112 Accounts Receivable 6,200 126 1.700 Supplies Prepaid Insurance 130 2.400 149 11,400 201 209 Equipment Accounts Payable Unearned Service Revenue Share Capital-Ordinary Service Revenue Salaries and Wages Expense Rent Expense 4,800 2,000 16,600 7,600 311 400 726 3.400 729 1,300 31,000 31,000 In addition to those accounts listed on the trial balance, the chart of accounts for Cuono 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. 4. 600 of supplies have been used during the month. Utilities expense incurred but not paid on May 31, 2020, 300. 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. Cuono 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 residual 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 adiusting entries for the month of May (Credit account titles are automatically indented when the amount is entered. Do 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 Credit No. Date Account Titles and Explanation 2020 1. May 31 2. May 31 3. May 31 May 4. 31 5. May 31 6. May 31 7. May 31 Post the adiusting entries to the ledger accounts Enter the totals from the trial balance as beginning account balances (Post 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 posted in the previous part of the question.) Cash No. 101 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance May 31 Adjusting 14 Supplies No. 126 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance May 31 Adjusting 14 Prepaid Insurance No. 130 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance May 31 Adjusting 14 Equipment No. 157 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance No. 150 Accumulated Depreciation Equipment Date Explanation Ref. Debit Credit Balance 2020 May 31 Adjusting 14 Accounts Payable No. 201 No. 201 Accounts Payable Date Explanation 2020 Ref. Debit Credit Balance May 31 Balance May 31 Adjusting 14 Unearned Service Revenue No. 209 Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance May 31 Adjusting 14 No. 212 Salaries and Wages Payable Date Explanation Ref. Debit Credit Balance 2020 May 31 Adjusting 14 No. 311 Share Capital Ordinary Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance Service Revenue No. 400 Explanation Ref. Debit Credit Balance Date 2020 May 31 Balance May 31 Adjusting 34 May 31 Adjusting 14 Supplies Expense No. 631 Date Explanation Ref. Debit Credit Balance 2020 May 31 Adjusting 14 Depreciation Expense No. 717 Depreciation Expense No. 717 Date Explanation Ref. Debit Credit Balance 2020 May 31 Adjusting 14 Insurance Expense No. 722 Date Explanation Ref. Debit Credit Balance 2020 May 31 Adjusting 14 No. 726 Salaries and Wages Expense Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance May 31 Adjusting 14 No. 729 Rent Expense Date Explanation 2020 Ref. Debit Credit Balance May 31 Balance No. 732 Utilities Expense Date Explanation 2020 Ref. Debit Credit Balance May 31 Adjusting 14 Prenare an adisted trial balance at May 31 2020 Prepare an adjusted trial balance at May 31, 2020. CUONO CONSULTING Adjusted Trial Balance Debit Credit