PROBLEM 15

Please finish problem15 question1 to 3 (need to use the adjusted trail balance from problem 13)

138Chapter 4Problem 151.Using the adjusted trial balance from the solution of Problem 13, prepare the properclosing entries for Twyla's Diner. Close all revenue and expense accounts to IncomeSummary.2.Close Income Summary to the Owner's Equity account.3. Prepare a post-closing trial balance for Twyla's Diner.(3) the statement of ownerProblem 13The trial balance and adjusted trial balance for Twyla's Diner are as follows:Twyla's DinerTrial Balance and Adjusted Trial BalanceDecember 31, 20X3Trial BalanceAdjusted Trial Balance7,750$7,750Cash$1,400Accounts Receivable1,4002,800Food Inventory3,400Office Supplies900800Prepaid Rent80075,000Equipment75,000Accumulated Depreciation,$ 12,000Equipment8,0004,230Accounts Payable4,23028,20028,200Notes Payable1,000Accrued WagesTwyla Kamp, Capital48,50048,500Food Revenue80,50080,500Cost of Food Sold35,88036,480Wages and Benefits31,00032,000Rent Expense8,8009,600Office Supplies Expense1,0001,100Interest Expense3,5003,500Depreciation Expense-0-4,000$169,430$ 169,430$174,430$ 174,430Required:By analyzing the differences between the figures in the trial balance and the adjusted trialbalance, determine the adjusting entries that recorded (1) adjustment of food inventory,(2) office supplies, (3) depreciation expense, (4) adjustment of prepaid insurance, and (5)accrued unpaid wages.