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 Credit Debit $1,180 875 350 1,210 1,200 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Service Revenue Notes Payable Interest Payable Share Capital-Ordinary Dividends Service Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Interest Expense $ 40 75 56 300 2,000 15 800 500 4,515 1,006 125 165 1,025 40 110 15 $7.801 $7.801 Chef Z Inc. has decided that the year-end will be December 31. Prepare closing entries as of December 31. 1 (b)