The following financial statements were prepared at the end of the month of May: TOPS IN TOPIARY - INCOME STATEMENT FOR the month of May Revenue $2,540 Expenses: Rent Expense $500 Advertising Expense $500 Wages Expense $200 $1,200 Net Income $1,340 TOPS IN TOPIARY STATEMENT OF OWNER'S EQUITY FOR the month of MAY Owner's Equity at May 1 $ 0 plus: Investment 2,000 plus: Net Income 1,340 less: Withdrawals 0 Owner's Equity at May 31 $3,340 TOPS IN TOPIARY - BALANCE SHEET AS OF MAY 31 ASSETS Current Assets: Current Liabilities: Cash $1,380 Accounts Receivable $1,500 Prepaid Rent $ 500 LIABILITES AND OWNER'S EQUITY Accounts Payable $ 300 Advertising Payable $ 500 Advances from Customers $ 200 Prepaid Advertising $ 500 Supplies $ 100 $3,980 Equipment $ 360 Owner's Equity $3,340 Total Assets $4,340 Total Liabilities & OE $4,340 During June the following transactions occurred: During June the following transactions occurred: 1) Paid the helper the $200 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 $1,000 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 5) At the end of June notices that there are few flyers left (used for advertising) worth $100 and decides to order some for July. Before ordering, the printer (supplier of flyers) asks to be paid $500 of the amount owed for the flyers done in May. Tops in Topiary pays $500. 6) In June collected in cash $3,000 for 3 jobs are done for a total of $4,200, 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 ($3.000) Prepare "T" Accounts in ACCRUAL Basis for the period ended on June 30th and then answer the question At the end of the accounting period (June 30th. T account after AJE), what is the balance of Advertising Payable? At the end of the accounting period (June 30th, T account after AJE), what is the balance of Advertising Payable? Multiple Choice $200 $0 $1,000 $500 None of the other alternatives are correct