Total Marks: 100 marks Question 1 Part I (70 marks) 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 S 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 5,000J Unearned fees 70,000 Notes payable (due on Dec 1, 2022) 150,000 Share capital (issued 100,000 Ordinary Share) 100,000 Retained earnings 103,000 Dividends 10,500J Fees earned 918,000 Depreciation expense: L & S equipment 48,000 Supplies expense 12,000 Salaries expense Rent expense Advertising expense Utilities expense Interest expense Income tax expense TOTAL 242,000 300,000 15,000 4,000 5,000 49,000 1,493,900 1,493,900 Page 2