1:55 ALTE Done Chapter 3 Notes 2020DE Extra Demo (formatted sheets page 11, 12 in notes) Kazz Industries' year-end is May 31. Based on an analysis of the unadjusted trial balance at May 31, 2020, the following information was available: .. Machinery costing $65,500 was acquired on September 1 of this accounting period. It is estimated to have a useful life of six years. The machinery is estimated to have a $7,000 value at the end of its six-year life. . It was determined that $6,000 of completed work was included in the $9.200 Uncamed Revenue account balance at year-end c. The Prepaid Insurance account showed a balance of $23,040. This was paid and takes effect on March 1 of this accounting period and represents a two-year policy d. Kazz Industries will pay salaries of 55,600 for one week (5 days) on June 4, 2020. At the end of May, 3 days of salaries are unpaid and unrecorded .. A 24 month, 5% note for $12,000 was issued on January 1, 2020. Interest and principal are due on the maturity date. t. Accrued revenues not recorded at year-end totalled S16,800 5. $11,340 worth of advertising was prepaid on January 1 of the current accounting period and debited to the Prepaid Advertising account. This covered four months of advertising beginning on the same date. . The annual depreciation on the office equipment was S4.100 1. Interest income accrued at year-end totalled 5620 3. The Office Supplies account had a balance of $4,000 at the beginning of the accounting period. During the year, $27.500 of supplies were purchased and debited to the Office Supplies account. At year-end, a count of the supplies revealed that $29,400 had been used. Required Prepare adjusting journal entries for the year ended May 31, 2020, based on the above