Reference no: EM132326384
Question :
Nardelli Consulting began operations on May 1, 2017. The trial balance at May 31 is shown below.
|
NARDELI.1 CONSULTING
Trial Balance
May 31,2017
|
Debit
|
Credit
|
|
|
$ 4.500
|
|
|
Cash
|
|
|
|
Accounts Receivable
|
6,000
|
|
|
|
Supplies
|
1.900
|
|
|
|
Prepaid Insurance
|
3,600
|
|
|
|
Equipment
|
11.400
|
|
|
|
Accounts Payable
|
|
S 2.200
|
|
|
Unearned Service Revenue
|
|
2.000
|
|
|
Common Stock
|
|
20000
|
|
|
Retained Earnings
|
|
0
|
|
|
Service Revenue
|
|
7.500
|
|
|
Salaries Expense
|
3,400
|
|
|
|
Rent Expense
|
900
|
|
|
|
|
531 700
|
|
|
|
|
|
Other data:
1. Supplies on hand at May 31 are $1 000.
2. A utility bill for $250 has not been recorded and will not be paid until next month.
3. The insurance policy is for two years and was purchased on May 1,2017.
4. $1,600 of unearned service revenue has been earned at the end of the month.
5. Salaries of $1,080 are accrued at May 31.
6. The equipment has a 5-year life with no salvage value. It is being depredated at $190 per month for 60 months.
7. Invoices representing 51,700 of services performed during the month have not been recorded as of May 31.
Instructions:
Prepare the adjusting entries for the month of May in the attached general journal.