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.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 8SPA: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the...
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