C4.5 (Algo) From Recording Transactions to Preparing Accrual and Deferral Adjustments and Reporting Results on the Balance Sheet and Income Statement (Chapters 2, 3, and 4) (LO 2-2, LO 2-3, LO 3-3, LO 4 2, [O 4-4] [The following information appllies to the questions displayed below] House of Tutors, Incorporated (HTI), is a company that runs a tutoring service for high school and university students. The company reported the following amounts in its post-closing trial balance, prepared at the end of its first fiscal year, at Aigust 31 . The company encountered the following events during September: a. HII provided 100 hours of regular hourly tutoring at the rate of $22 per hour, all of which was collected in cash. b. HTI paid tutors at the hourly rate of $11 per hour. On September 28 . HTI paid for 90 hours of tutor time and promised to pay the remaining hours worked. Tip. The total hous of expense in b should match the total hours of revenue in a. c. HTi hosted an all-night review session on September 29 for people cramming for midterm exams, at a special price of $10 per attendee. Rather than collect cash at the time of the review session, HTI will send bills in October to the 82 people who attended the review session. d. At the beginning of the night-long review session, HTI paid \$270 cash to its tutors for wages. No additional salaries and wates will be paid for the revlew sesston. e. HII collected $270 cash on account from students who recelved tutoring during the summer. CHII also collected $320 cash from a high school for a futoring session to be held in October. g. HTt determined that deprectation for September shoutd be $170 h. Although HT adjusted its accounts on August 31, it has not yet paid the \$47 monthly interest owed on the promissory note, for either August or September, The note is due in three years. LHTI has only $47 of supplies lent at September 30. f. HTI' income taxes are approximately 30% of income before tax. C4.5 (Algo) Part 1 Required: 1. Prepare HTI's joumal entries and adjusting journal entries, (If no entry is required for o tronsaction/event, select "No Journal Entry Required" in the first occount field.)