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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Accounts 1 (b)
![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
1,200
Accumulated Depreciation-Equipment
Accounts Payable
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.
1 (b)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdf4ef07a-6d87-4870-9879-c387ff8ed977%2F823d2fd8-159a-483d-8f30-ebad8891d6d5%2Fke4wd1r_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
1,200
Accumulated Depreciation-Equipment
Accounts Payable
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.
1 (b)
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