House of T utors, 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 August 31 Accounts Payable $ 60 Accounts Receivable 220 Accumulated Depreciation 1,200 Cash 700 Common Stock 2,900 Equipment 12,000 Interest Payable 40 Notes Payable (long term) 8,000 Retained Earnings 820 Supplies 100 The company encountered the following events during September HTI provided 100 hours of regular hourly tutoring at the rate of $20 per hour, all of which was collected in cash HTI paid tutor s at the hourly rate of $10 per hour On September 28, HTI paid for 90 hours of t utor time and promised to pay the remaining hours worked TIP The total hours of expense in b should match the total hours of revenue in a HTI hosted an all night review session on September 29 for people cramming for mid term 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 75 people who attended the review session At the beginning of the night long review session, HTI paid $200 cash to its tutor s for wages No additional salaries and wages will be paid for the review session HTI collected $200 cash on account from students who received tutoring during the summer HTI also collected $250 cash from a high school for a tutoring session to be held in October HTI determined that depreciation for September should be $100 Although HTI adjusted its accounts on August 31, it has not yet paid the $40 monthly interest owed on the promissory note, for either August or September The note is due in three years HTI has only $40 of supplies left at September 30 HTIs income taxes are approximately 30 of income before tax REQUIRED Prepare HTIs journal entries and adjusting journal entries (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) 2 a Prepare HTIs income statement for the month ended September 30 2 b Prepare HTIs statement of retained earnings for the month ended September 30 Prepare HTIs classified balance sheet at September 30 (Amounts to be deducted should be indicated by a minus sign )

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House of T.utors, Incorporated (HTI), is a company that runs a tutoring service for high school and university students. The company reported the following amounts

House of T.utors, 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 August 31.

Accounts Payable	$ 60
Accounts Receivable	220
Accumulated Depreciation	1,200
Cash	700
Common Stock	2,900
Equipment	12,000
Interest Payable	40
Notes Payable (long-term)	8,000
Retained Earnings	820
Supplies	100

The company encountered the following events during September:

HTI provided 100 hours of regular hourly tutoring at the rate of $20 per hour, all of which was collected in cash.
HTI paid tutor.s at the hourly rate of $10 per hour. On September 28, HTI paid for 90 hours of t.utor time and promised to pay the remaining hours worked. TIP: The total hours of expense in b. should match the total hours of revenue in a.
HTI hosted an all-night review session on September 29 for people cramming for mid.term 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 75 people who attended the review session.
At the beginning of the night-long review session, HTI paid $200 cash to its tutor.s for wages. No additional salaries and wages will be paid for the review session.
HTI collected $200 cash on account from students who received tutoring during the summer.
HTI also collected $250 cash from a high school for a tutoring session to be held in October.
HTI determined that depreciation for September should be $100.
Although HTI adjusted its accounts on August 31, it has not yet paid the $40 monthly interest owed on the promissory note, for either August or September. The note is due in three years.
HTI has only $40 of supplies left at September 30.
HTIs income taxes are approximately 30% of income before tax.

REQUIRED:

Prepare HTIs journal entries and adjusting journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
2-a. Prepare HTIs income statement for the month ended September 30. 2-b. Prepare HTIs statement of retained earnings for the month ended September 30.
Prepare HTIs classified balance sheet at September 30. (Amounts to be deducted should be indicated by a minus sign.)