Whitney's Music School account balances on January 31, 2013 are below. All accounts have normal balances. The income tax rate is 30%.

Required:
1. Prepare the unadjusted trial balance as of December 31, 2013.
2. Journalize and post the adjusting journal entries based on the following information.
a. Accrue Salary, $1500.
b. Record the expiration insurance, 500.
c. Supplies on hand, $100.
3. Prepare an adjusted trial balance as of December 31, 2013.
4. Journalize and post the closing entries.
5. Prepare a post-closing trial balance at December 31, 2013.

Question

Whitney's Music School account balances on January 31, 2013 are below. All accounts have normal balances. The income tax rate is 30%.
  
Required:
1. Prepare the unadjusted trial balance as of December 31, 2013.
2. Journalize and post the adjusting journal entries based on the following information.
a. Accrue Salary, $1500.
b. Record the expiration insurance, 500.
c. Supplies on hand, $100.
3. Prepare an adjusted trial balance as of December 31, 2013.
4. Journalize and post the closing entries.
5. Prepare a post-closing trial balance at December 31, 2013.

Quizplus · Accepted Answer

The Answer of Whitney's Music School account balances on January 31, 2013 are below. All accounts have normal balances. The income tax rate is 30%.
  
Required:
1. Prepare the unadjusted trial balance as of December 31, 2013.
2. Journalize and post the adjusting journal entries based on the following information.
a. Accrue Salary, $1500.
b. Record the expiration insurance, 500.
c. Supplies on hand, $100.
3. Prepare an adjusted trial balance as of December 31, 2013.
4. Journalize and post the closing entries.
5. Prepare a post-closing trial balance at December 31, 2013.

Whitney's Music School Account Balances on January 31, 2013 Are