Reference no: EM131760347

Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2017. The trial balance at May 31 is as follows.

KRAUSE CONSULTING

Trial Balance

May 31, 2017

Account #	Debit	Credit
101	cash	4,400
112	accounts receivable	5,900
126	supplies	1,800
130	prepaid insurance	4,800
149	equipment	10,200
201	accounts payable	4,800
209	unearned service revenue	2,000
301	owner's capital	16,400
400	service revenue	8,500
726	salaries and wages expense	3,400
729	rent expense	1,200
31,700	31,700

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. $700 of supplies have been used during the month.

2. Utilities expense incurred but not paid on May 31, 2017, $300.

3. The insurance policy is for 2 years.

4. $300 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 $1,000 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 $170 per month for 60 months.

7. Invoices representing $1,700 of services performed during the month have not been recorded as of May 31.