Accounts 1 (b) Chef Z Inc. is a qualified chef and educator who does catering for private functions as well as teach atthe culinary school. You are the accountant for Chef Z Inc. and must record and complete severaltransactions to bring the accounting records up to date. You may OMIT explanations for all journalentries required in this paper.Question 1: Financial Statements and Closing EntriesChef Z Inc.Adjusted Trial BalanceDecember 31DebitCreditCash$1,180Accounts Receivable875Supplies350Prepaid Insurance1,210Equipment1,200Accumulated Depreciation-EquipmentAccounts Payable4075Salaries and Wages Payable56Unearned Service Revenue300Notes Payable2,000Interest Payable15Share Capital-Ordinary800Dividends500Service Revenue4,515Salaries and Wages Expense1,006Utilities Expense125Advertising Expense165Supplies Expense1,025Depreciation Expense40Insurance Expense110Interest Expense15$7.801S7,801Chef Z Inc. has decided that the year-end will be December 31. Prepare closing entries as ofDecember 31.1 (b)

Closing entries are used to close the temporary accounts. These are prepared at the end of every…

Chef Z Inc. is a qualified chef and educator who does catering for private functions as well as teach at the culinary school. You are the accountant for Chef Z Inc. and must record and complete several transactions to bring the accounting records up to date. You may OMIT explanations for all journal entries required in this paper. Question 1: Financial Statements and Closing Entries Chef Z Inc. Adjusted Trial Balance December 31 Debit Credit Cash $1,180 Accounts Receivable 875 Supplies 350 Prepaid Insurance 1,210 Equipment Accumulated Depreciation-Equipment Accounts Payable 1,200 $ 40 75 Salaries and Wages Payable 56 Unearned Service Revenue 300 Notes Payable 2,000 Interest Payable 15 Share Capital-Ordinary 800 Dividends 500 Service Revenue 4,515 Salaries and Wages Expense 1,006 Utilities Expense 125 Advertising Expense 165 Supplies Expense 1,025 Depreciation Expense 40 Insurance Expense 110 Interest Expense 15 $7,801 S7,801 Chef Z Inc. has decided that the year-end will be December 31. Prepare closing entries as of December 31.