Problem 3-1A, Page138The following adjustments need to made to Krause Consulting for May.1$900 of supplies have been used during the month.2Utilities expense incurred but not paid on May 31, 2017, $250.3The insurance policiy is for 2 years, costing $3,600.4$400 of the balance in the unearned service revenue account ($2,000) remains unearned at the5May 31 is a Wednesday, and employees are paid on Fridays. Krause consulting has two employ6The office furniture has a 5-year life with no salvage value. It is being depreciated at $190 per m7Invoices representing $1,700 of services performed during the month have not been recorded Instructions:(a)Prepare the adjusting entries and journalize for the month of May. Use J1 as the page number (b)(c )Prepare an adjusted trial balance at May 31, 2017.Select Account2017Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as begreference column.(a)J4DateAccount Titles and ExplanationRef.DebitCredit2017Adjusting EntriesMay31Select AccountDateSelect Account201731Select AccountSelect AccountDate201731Select AccountSelect AccountDate201731Select AccountSelect AccountDate31Select Account2017Select Account31Select AccountDateSelect Account201731Select AccountDate
e end of the month.yees who are paid $920 each for a 5-day work week.month for 60 months.as of May 31.for your journal.Cash101ExplanationRefDebitCreditBalanceMay31 Balance√4,500 Accounts Receivable112ExplanationRefDebitCreditBalanceMay31 Balance√6,000 31 AdjustingJ46,000 Supplies126ExplanationRefDebitCreditBalanceMay31 Balance√1,900 31 AdjustingJ41,900 Prepaid Insurance130ExplanationRefDebitCreditBalanceMay31 Balance√3,600 31 AdjustingJ43,600 Equipment149ExplanationRefDebitCreditBalanceMay31 Balance√11,400 Accumulated Depreciation - Equipment150ExplanationRefDebitCreditBalanceMay31 AdjustingJ4- ginning account balances and place a check mark in the posting
Accounts Payable201ExplanationRefDebitCreditBalanceMay31 Balance√4,500 31 AdjustingJ44,500 Unearned Service Revenue209
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Generally Accepted Accounting Principles, Alena Co.