View Policies Current Attempt in Progress 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 4,400 112 5,900 126 2,300 130 4,800 149 12,000 201 Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Uneared Service Revenue Share Capital - Ordinary Service Revenue Salaries and Wages Expense Rent Expense 209 4,300 1.900 19,300 311 400 8.400 726 3.500 729 1,000 33.900 33.900 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. 1.200 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. 300 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 1.000 each for a 5-day work week The office furniture has a 5-year life with no residual value. It is being depreciated at 200 per month for 60 months. Invoices representing 1,600 of services performed during the month have not been recorded as of May 31. 5. 5. 6. 7 7. Your answer is partially correct. Prepare the adjusting entries for the month of May. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2020 May 31 Supplies Expense 2300 Supplies 1200 May Utilitles Expense 200 31 Accounts Payable 200 May 31 Insurance Expense 200 Prepald Insurance 200 May Unearned Service Revenue 1600 31 I. Service Revenue 1600 May Salaries and Wages Expense 3500 31 Salaries and Wages Payable 3500 May 31 Depreciation Expense 200 Accumulated Depreciation Equipment 200 May Accounts Recevable 1600 31 Service Revenue 1600 e Textbook and Media List of Accounts 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.) No. 101 Cash Date Explanation 2020 Ref. Debit Credit Balance May 31 Balance No. 112 Accounts Receivable Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance May 31 Adjusting 14 No. 126 Supplies Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance May 31 Adjusting 34 No. 130 Prepaid Insurance Date Explanation 2020 Ref. Debit Credit Balance May 31 Balance May 31 Adjusting 34 No. 157 Equipment Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance No. 150 Accumulated Depreciation Equipment Date Explanation 2020 Ref. Debit Credit Balance May 31 Adjusting 34 Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance No. 201 Accounts Payable Date Explanation 2020 Ref. Debit Credit Balance May 31 Balance May 31 Adjusting 34 No. 209 Uneared Service Revenue Date Explanation Ref. Debit Credit Balance 2020 May 31 Balance 14 No. 212 May 31 Adjusting Salaries and Wages Payable Date Explanation 2020 Ref. Debit Credit Balance May 31 Adjusting 34 No. 311 Share Capital-Ordinary Date Explanation 2020 Ref. Debit Credit Balance May 31 Balance Service Revenue Date Explanation No. 400 Ref. Debit Credit Balance 2020 May 31 Balance May 31 Adjusting 14 14 No. 631 May 31 Adjusting Supplies Expense Date Explanation 2020 Ref. Debit Credit Balance May 31 Adjusting 34 No. 717 Depreciation Expense Date Explanation Ref. Debit Credit Balance 2020 No. 717 Depreciation Expense Date Explanation 2020 Ref. Debit Credit Balance May 31 Adjusting 14 No. 722 Insurance Expense Date Explanation 2020 Ref. Debit Credit Balance 34 No. 726 May 31 Adjusting Salaries and Wages Expense Date Explanation 2020 Ref. Debit Credit Balance May 31 Balance May 31 Adjusting 14 No. 729 Rent Expense Date Explanation Ref. Debit Credit Balance 2020 No. 732 May 31 Balance Utilities Expense Date Explanation 2020 Ref. Debit Credit Balance May 31 Adjusting 14 e Textbook and Media List of Accounts Prepare an adjusted trial balance at May 31, 2020. CUONO CONSULTING Adjusted Trial Balance May 30, 2020 Debit Credit eTextbook and Media List of Accounts