UUIEI' uata: a. rm The company signed a promissory note on 6/1/ 1 1 to purchase scaffolding for painting Victorian houses. The note is due on 6/ 1/ 13. Interest is payable monthly. The amount of interest due on 9/ 1/1 1 for the month of August is $25. One of the painters took inventory of brushes, paint masks, sandpaper and other supplies in the supply cupboard. Remaining supplies on August 3 1 totaled $75. A general business insurance policy was purchased on 6/1/ 1 1 for $2400. The company has expensed two months worth (Iune and July) prior to August 1. A shed was rented on 6/1/1 1 to store ladders and other equipment. The lease was for one year and totaled $6,000. As the company had no credit history, the landlord required 100% of the rent in advance. The company has expensed two months worth of rent (June and Iuly) prior to August 1. Equipment depreciation for the month of August is $80 and has not been expensed. Jim and Dora completed painting a living room and foyer on August 3 1. The home- owners had paid for the job ($750) in advance. Jim and Dora's paint crew are paid every two weeks. The crew is expecting a paycheck on September 2\"'1 for the previous two weeks. On August 31, the wages accrued were $640. Dora computed income tax for the month of August as $1050