Transcribed Image Text: B Fran Omiyale started her own consulting firm, Omiyale Consulting, on May 1,2012. The balance at May 31 is as follows OMIYALE CONSULTING Trial Balance May 31,

Transcribed Image Text: B Fran Omiyale started her own consulting firm, Omiyale Consulting, on May 1,2012. The
balance at May 31 is as follows
OMIYALE CONSULTING
Trial Balance
May 31, 2012
Debit
Credit
Account Number
$ 4,500
6,000
1,900
3,600
11,400
101
Cash
112
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accounts Payable
Unearned Service Revenue
126
130
149
$ 4,500
2,000
17,700
7,500
201
209
Owner’s Capital
Service Revenue
Salaries and Wages Expense
Rent Expense
301
400
3,400
900
726
729
$31,700
$31,700 Transcribed Image Text: In addition to those accounts listed on the trial balance, the chart of accounts for Omiyale
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. 736 Utilities Expense.
Other data:
1. $900 of supplies have been used during the month.
2. Utilities expense incurred but not paid on May 31, 2012, $250.
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. Omiyale Consulting has two
employees, who are paid $900 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 $190 per
month for 60 months.
7. Invoices representing $1,700 of services performed during the month have not been recorded
as of May 31.
Instructions
(a) Prepare the adjusting entries for the month of May. Use J4 as the page number for your
journal.
(b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as
beginning account balances and place a check mark in the posting reference column.
(c) Prepare an adjusted trial balance at May 31, 2012.

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