Harry started Harry's Tutoring on January 1, 2013. The account balances on January 15, 2013 are below. All accounts have normal balances. To start the business Harry issued one hundred (100) common shares.
Requirements
1. Record each transaction in the general journal. Explanations are not required.
2. Prepare the unadjusted trial balance as of January 31, 2013.
3. Journalize and post the adjusting entries based on the following information.
Accrue Salary, $50.
Record the expiration of one month's insurance.
Supplies on hand, $75.
The income tax rate is 40%.
4. Prepare an adjusted trial balance as of January 31, 2013.
Definitions:
Ectoderm
The outermost layer of cells or tissue of an embryo in early development, giving rise to the epidermis and nervous system among others.
Germ Layer
One of the three primary layers of cells (ectoderm, mesoderm, endoderm) in the early embryo that develop into specific organ systems.
Nervous System
A complex network of nerve cells and fibers that transmits nerve impulses between parts of the body, coordinating and controlling bodily functions.
Ectoderm
The outermost layer of cells in the developing embryo of an animal, giving rise to the skin and nervous system.
Q2: Canadian accounting standards for private enterprises (ASPE)
Q8: Using a linear search, you are more
Q30: Assume that at December 31, 2013, Sophie
Q40: Accountants must prepare a worksheet at the
Q47: Brandon Company has the following list of
Q58: The period-end adjusting entry for Bad Debts
Q66: The Sarbanes-Oxley Act in the United States
Q68: Record the necessary journal entries from the
Q86: A worksheet has five sets of double
Q120: Which type of business organization is owned