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The following financial statements were prepared at the end of the month of May: TOPS IN TOPIARY - INCOME STATEMENT FOR the month of May TOPS IN TOPIARY - STATEMENT OF OWNER'S EQUITY FOR the month of MAY TOPS IN TOPIARY - BALANCE SHEET AS OF MAY 31 1) Paid the helper the $1,000 owed from works done in May (the amount owed is in Accounts Payable). 2) Completed the job for which the customer paid $200 in May. Tops in Topiary collected $2,000 in cash once finished. 3) Paid $500 for the rent of July. 4) At the end of June notices that there are no supplies left. Makes a note to buy some in July. for the flyers done in May. Tops in Topiary pays $600. 6) In June collected in cash $3,000 for 3 jobs are done for a total of $4,500, the rest is owed in account by the customers. 7) In June decided to start depreciating the equipment bought for $360 that is expected to last for 3 years. 8) In June 23rd Edward Scissorhands withdrew some cash for personal reasons ($2,000). Prepare "T" ACcounts in ACCRUAL Basis for the period ended on June 30th and then answer the questions. At the end of the accounting period (June 30th,T account after AJE), what is the balance of Advertising Payable? Multiple Choice $500 None of the other alternatives are correct $1,000 $0 $200