Question

1. $800 of supplies have been used during the month. 2. Utilities expense incurred but not...

1. $800 of supplies have been used during the month.
2. Utilities expense incurred but not paid on May 31, 2019, $300.
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 $1,000 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.

Prepare the adjusting entries for the month of May.

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Answer #1
1 Supplies exp Dr 800
   Supplies 800
2 Utilities exp Dr 300
Accounts payable 300
3 Insurance Exp Dr NA
Prepaid exp NA
( Amt is missing. Just allocate the insurance amount on the baisis of current year.
4 Unearned service revenue Dr 400
Service revenue 400
5 Salaries and wages expenses Dr 1200
Salaries and wages payable 1200
6 Depreciation exp 210
   Accumulated Depreciation- Equipment 210
7 Accounts receivables 1800
    Service revenue 1800
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