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Problem 3-1A (Part Level Submission) Deanna Nardelli started her own consulting firm, Nardelli Consulting, on May 1, 2017. The trial balance at May 31 is as follows.
NARDELLI CONSULTING Trial Balance May 31, 2017
Account Number
Debit
Credit
101
Cash
$ 4,700
112
Accounts Receivable
6,100
126
Supplies
1,700
130
Prepaid Insurance
2,400
149
Equipment
12,600
201
Accounts Payable
$ 4,200
209
Unearned Service Revenue
2,100
311
Common Stock
17,600
400
Service Revenue
8,400
726
Salaries and Wages Expense
3,300
729
Rent Expense
1,500
$32,300
$32,300
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.
$600 of supplies have been used during the month.
2.
Utilities expense incurred but not paid on May 31, 2017, $200.
3.
The insurance policy is for 2 years.
4.
$400 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. Nardelli Consulting has two employees, who are paid $900 each for a 5-day work week.
6.
The equipment has a 5-year life with no salvage value. It is being depreciated at $210 per month for 60 months.
7.
Invoices representing $1,800 of services performed during the month have not been recorded as of May 31.
(a)Prepare the adjusting entries for the month of May. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
