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.

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

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)

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