On May 31 Squid Roe, Inc., recorded the adjusting entry of $500 for wages owed to employees that will be paid in June, the next accounting period. QUESTION 9 Using the information found in the financial statements for the month ended May 31, fill in the Deferred Revenue ledger account below. Cash Collected from Customers on the Statement of Cash Flows equals $600 for the month ended May 31 . All cash was collected in advance. Service Revenue on the Income Statement equals $700 for the mith ended May 31. The amount collected in advance but not yet earned on the Balance Sheet equals $300 at May 31 . The May 1 beginning balance must be determined and entered at the top of the T account in either the a. or b. blank. Put " 0 " in the blank on the opposite side. When entering the ending balance in either the e. or f, blank, be sure to enter " 0 " in the blank on the opposite side. When entering the activity for the month, use blanks c. and d. (not a. or b.)