ASSIGNMENT 1: COMPLETING ACCOUNTING CYCLE PRINCIPLES OF ACCOUNTING I (ACC200) SEMESTER 1, 2020-2021 The financial statement columns of the worksheet for Optimum Prime at May 31, 2020, are as follows: OPTIMUM PRIME Adjusted Trial Balance as at May 31, 2020 Accounts Title Debit Credit Cash 17,000 Accounts Receivable 6,000 Supplies 4,000 Prepaid Insurance 5,000 Equipment 208,000 Accumulated 28,000 Depreciation- Equipment Accounts Payable 14,000 Notes Payable 70,000 Salaries and Wages 6,000 Payable Owner's Capital 115,000 Owner's Drawings 13,000 Service Revenue 123,000 Advertising Expense 21,600 Depreciation Expense 10,000 Insurance Expense 3,400 Rent Expense 18,000 Salaries and Wages 44,000 Expense Supplies Expense 6,000 Totals 356,000 356,000 REQUIRED: Prepare a classified balance sheet for Optimum Prime at May 31, 2020 assuming the note payable of $65,000 is due on January 2023