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

Essay

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.