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.
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