On May 1, you prepaid 6 months of insurance for a total of $300 Coverage started immediately. Date Account Debit Credit Insurance Expense 300 Prepaid Insurance 1,800 Incurred cost of wages for month of May equal to $400. Will pay employees first of June Date Account Debit Credit May 31 Wages Expense 400 Wages Payable 400 May 31 Remaining supplies on hand were $40. The balance in Supplies was originally $90 Date Account Debit Credit Supplies Expense 90 Supplies 40 On May 15, a customer paid your lemonade stand $500 upfront for a catering event on May 31. As of May 31, the full amount for the catering event has been provided. Date Account Debit Credit May 31 Sales Revenue 500 May 31 Revenue 500 On May 31, you catered an event for a local company. You invoiced the company for $350. They will pay for the services in the following month Date Account Debit Credit May 31 Unearned Revenue 350 Revenue 350