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1.	Bo Bo started his own consulting firm, Wedding Consulting, on May 1, 2020. The trial balance at May 31 is as follows

WEDDING CONSULTING

Trial Balance May 31, 2020

	Debit	Credit
Cash	$ 6,500
Accounts Receivable	4,000
Prepaid Insurance	3,600
Supplies	1,500
Office Furniture	12,000
Accounts Payable		$ 3,500
Unearned Service Revenue		3,000
Common Stock		19,100
Service Revenue		6,000
Salaries Expense	3,000
Rent Expense	1,000
	$31,600	$31,600

Other data:

i.	$500 of supplies have been used during the month.
ii.	Travel expense incurred but not paid on May 31, 2020, $200..
iii.	The insurance policy is for 2 years.
iv.	$1,000 of the balance in the unearned service revenue account remains unearned at the end of the month.
v.	May 31 is a Wednesday, and employees are paid on Fridays. Wedding Consulting has two employees, who are paid $500 each for a 5-day workweek.
vi.	The office furniture has a 5-year life with no salvage value. It is being depreciated at $200 per month for 60 months.
vii.	Invoices representing $2,000 of services performed during the month have not been recorded as of May 31.

Questions;

1.a.		Prepare the adjusting entries for the month of May (10 marks)
b.		Prepare an adjusted trial balance at May 31, 2020 (10 marks)
2.	What are the major differences between Management Accounting & Financial Accounting? (10 marks)
3.	What are the assumptions underlying Cost Volume Profit analysis? ( 10 marks)

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