HandiQ Inc. is a hardware store that sells goods and provides services. Analysis of the company's accounts in May 2021 showed the following: 1. On May, 1 2021, HandiQ Inc. had a supplies account...

After analyzing the transactions, prepare the adjusting entries for the month of May (i.e., that the company needs to record for May 31, 2021).

Extracted text: HandiQ Inc. is a hardware store that sells goods and provides services. Analysis of the company's accounts in May 2021 showed the following: 1. On May, 1 2021, HandiQ Inc. had a supplies account balance of $4,320. On May 31, 2021, the company had supplies on hand totaling $2,900. 2. On March 1, 2021, the company prepaid rent of $30,000 for three months (March 2021, April 2021 and May 2021). The company needs to adjust its accounts for the rent that was used in May 2021. 3. On January 1, 2021, HandiQ Inc. borrowed $18,000 from a bank signing a 5-year note. The annual interest rate is 9%. 4. In May, the company performed services worth $1,670 that were not billed to customers by May 31st.