Kenneth Garcia is in the business of generating rental revenue. The following information relates to his business, Kenneth Garcia Realty, at the close of the fiscal year ended December 31: 1. 2. Kenneth purchased three months of advertising in the local newspaper on November 1. Each month. $390 of the advertising is used. (Do not use prepaid expense) On November 1, Kenneth signed a three-month, 5% note payable to borrow $20,640 from TD Bank. Interest is payable at the maturity of the note. 3. Salaries due and unpaid at December 31 total $1,900. 4. Interest of $600 has accrued to date on a note receivable that Kenneth holds from Grant Thursten. 5. There is $100 of supplies on hand at year end. The unadjusted balance of the Supplies account is $500. 6. 7. 8. 9. 10. Kenneth has not yet paid the December rent of $1,300 on the building his business uses. (Do not use accounts payable) Insurance was paid on November 1 for one year and charged to Prepaid Insurance, $1,068. Property taxes that have accrued are in the amount of $1,500. (Do not use accounts payable) On December 1, Kenneth gave Donna Lewis a two-month, 8% note payable to settle $7,950 on accounts payable. Interest is payable at the maturity of the note. On October 31, Kenneth received $2,316 from Edward Hall in payment of six months' rent for Hall's office space in the building and credited Unearned Revenue. 11. The bill from Capital Hydro for December has been received but not yet entered or paid, $500. 12. The depreciation on furniture for the year is $1,000.