The work sheet for major advising to complete this exercise is as follows.1. prepare the closing entries. if an amount box does not require an entry, leave it blank. do not enter the posting references until you complete part 2.2. post the closing entries to the t accounts. if there is more than one closing entry for an account, enter in the order given in the journal. then complete the posting in part 1.major advisingwork sheet (partial)for month ended january 31, 20 --income statement balance sheetaccount title debit credit debit creditcash 1,349 accounts receivable 920 supplies 339 prepaid insurance 876 office equipment 3,540 accum. depr.—office equipment 193accounts payable 1,026wages payable 303ed major, capital 4,086ed major, drawing 864 advising fees 4,175 wages expense 673 advertising expense 90 rent expense 523 supplies expense 152 phone expense 71 electricity expense 43 insurance expense 83 gas and oil expense 47 depr. expense—office equipment 193 miscellaneous expense 20 1,895 4,175 7,888 5,608net income 2,280 2,2804,175 4,175 7,888 7,888a chart of accounts is provided below. chart of accountsassets revenues 101 cash 401 advising fees122 accounts receivable 141 supplies expenses 145 prepaid insurance 511 wages expense181 office equipment 512 advertising expense181.1 accum. depr.—office equip. 521 rent expense524 supplies expenseliabilities 525 phone expense202 accounts payable 533 electricity expense219 wages payable 535 insurance expense538 gas and oil expense541 depr. exp.—office equip. owner’s equity 549 miscellaneous expense311 ed major, capital 312 ed major, drawing 313 income summary