1.
Prepaid insurance is a 1-year policy starting May 1, 2027.
2.
A count of supplies shows $960 of unused supplies on May 31.
3.
Annual depreciation is $3,840 on the buildings and $1,776 on equipment.
4.
The note payable interest rate is 12%. (The note was taken out on May 1 and will be repaid along with interest in 2 years.)
5.
Two-thirds of the unearned rent revenue has been earned.
6.
Salaries and wages of $885 are unpaid and unrecorded at May 31.