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Sheffield started her own consulting firm, Sheffield Corp., on May 1, 2022. The unadjusted trial balance at May 31 is as follows. Sheffield Corp Trial Balance May 31, 2022 Credit Debit $4,950 6,600 2,090 3,960 12,720 Account Number 101 112 126 130 149 201 209 311 400 726 729 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 2,420 2,200 22,180 8,250 3,740 990 $35,050 $35,050 In addition to those accounts listed on the trial balance, the chart of accounts for Sheffield Corp. 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. $990 of supplies have been used during the month. Utilities expense incurred but not paid or recorded on May 31, 2022, $275. An insurance policy for 2 years was purchased on May 1. $440 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 $740 each for a 5-day work week. The equipment has a 5-year life with no salvage value. It is being depreciated at $212 per month for 60 months. Invoices representing $1,870 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 Credit 1. 990 No. Date Account Titles and Explanation May Supplies Expense 31 Supplies May Utilities Expense 31 Accounts Payable 990 2. 275 275 3. May 31 Insurance Expense 165 Prepaid Insurance 165 4. May 31 Unearned Service Revenue 1760 Service Revenue 1760 5. May 31 Salaries and Wages Expense 888 Salaries and Wages Payable 888 6. May 31 Depreciation Expense 212 Accumulated Depreciation-Equipment 212 May 7. Accounts Receivable 1870 31 Service Revenue 1870 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.) No. 101 Balance Ref Debit Credit 4950 Cash Date Explanation May 31 Balance Accounts Receivable Date Explanation May 31 Balance No. 112 Balance Ref Debit Credit 6600 Adjusting 14 1870 8470 May 31 Supplies Date May 31 No. 126 Balance Ref Debit Credit Explanation Balance 2090 14 990 1100 May 31 Adjusting Prepaid Insurance Date Explanation May 31 Balance No. 130 Balance Ref Debit Credit 3960 14 165 3795 No. 149 Balance Ref Debit Credit 12720 No. 150 May 31 Adjusting Equipment Date Explanation May 31 Balance Accumulated Depreciation- Equipment Date Explanation May 31 Adjusting Accounts Payable Date Explanation May 31 Balance Ref Debit Credit Balance 14 212 212 No. 201 Balance Ref Debit Credit 2420 14 275 2695 May 31 Adjusting Unearned Service Revenue Date Explanation May 31 Balance No. 209 Balance Ref Debit Credit 2200 14 1760 440 No. 212 Balance Ref Debit Credit 14 888 888 May 31 Adjusting Salaries and Wages Payable Date Explanation May 31 Adjusting Common Stock Date Explanation May 31 Balance Service Revenue Date Explanation May 31 Balance No. 311 Balance Ref Debit Credit 22180 No. 400 Balance Ref Debit Credit 8250 May 31 Adjusting 14 1760 10010 14 1870 11880 No. 631 Balance Ref Debit Credit 14 990 990 Ref Debit Credit May 31 Adjusting Supplies Expense Date Explanation May 31 Adjusting Depreciation Expense Date Explanation May 31 Adjusting Insurance Expense Date Explanation May 31 Adjusting Salaries and Wages Expense Date Explanation May 31 Balance 14 212 No. 717 Balance 212 No. 722 Balance Ref Debit Credit 14 165 165 No. 726 Balance Ref Debit Credit 3740 May 31 Adjusting 14 888 4628 14 212 212 No. 722 Balance Ref Debit Credit May 31 Adjusting Insurance Expense Date Explanation May 31 Adjusting Salaries and Wages Expense Date Explanation May 31 Balance 14 165 165 No. 726 Balance Ref Debit Credit 3740 14 888 4628 No. 729 Balance Ref Debit Credit May 31 Adjusting Rent Expense Date Explanation May 31 Balance Utilities Expense Date Explanation May 31 Adjusting 990 No. 736 Balance Ref Debit Credit 14 275 275 Prepare an adjusted trial balance at May 31, 2022. Sheffield Corp. Adjusted Trial Balance Debit Credit $ $ Totals U1