Chill Time Co. ("Chill Time") is a production house of concerts for independent singers who have just started their career in the music industry. Usually the singers (customers) are billed after the concerts are over. If a singer pays Chill Time in advance for services, Chill Time will credit its unearned fees account. Adjusting entries are normally performed on a monthly basis. Closing entries are performed annually on 31 December 2022. Below is the Chill Time's unadjusted trial balance as at 31 December 2022. Chill Time Co. Unadjusted Trial Balance As at 31 December 2022 Account Title Cash Accounts receivable Debit $ Credit $ 211,000 89,000 Prepaid salaries 38,000 Prepaid advertising 62,000 Prepaid rent 40,000 Supplies 8,400 L&S equipment 360,000 Accumulated depreciation: L&S equipment 66,000 Accounts payable 32,900 Income tax payable 49,000 Interest payable 5,000 Unearned fees 70,000 Notes payable (due on Dec 1, 2022) Share capital (issued 100,000 Ordinary Share) 150,000 100,000 Retained earnings Dividends Fees earned Depreciation expense: L & S equipment Supplies expense Salaries expense 103,000 10,500 918,000 48,000 12,000 242,000 Rent expense Advertising expense Utilities expense Interest expense Income tax expense TOTAL 300,000 15,000 4,000 5,000 49,000 1,493,900 1,493,900