Sheridan had the following account balances at December 31, 2023: (b) Cash $24,000 Accumulated Depreciation, Equipment...

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Sheridan had the following account balances at December 31, 2023: (b) Cash $24,000 Accumulated Depreciation, Equipment 25,000 Accounts Receivable 25,000 Wages Payable 6,000 Supplies 50,000 Accounts Payable 50,000 Prepaid Insurance 3,000 Common Shares 75,000 Prepare adjusting journal entries for adjustments 9 to 12. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry' for the account tides and enter O for the amounts.) Inventory 46,500 Retained Earnings 67,500 Equipment 75,000 No. Account Titles and Explanation Debit Credit During 2024, the following transactions occurred: 1. Sales of paninis for cash were $635,000, and sales of paninis on account were $60,000. 9. 2. Purchases of ingredients were $171,000, all on account. 3. Collections from customers for sales on account totalled $17,600. 4. The company paid $44,000 for utilities expenses. 10 10. 5. Ingredients with a cost of $200,000 were used in paninis that were sold. 6. Payments for ingredients purchased on account totalled $215,000. 7. The company paid $92,800 for wages. 11. 8. A dividend of $34,200 was declared and paid at the end of the year. Information for adjusting entries: 9. The balance in the Supplies account at the end of 2024 was $1,200. 10. Wages owed to employees at the end of 2024 were $3,420. 11. At the end of 2024, the account balance in Prepaid Insurance was $1,500. 12. The equipment had an estimated useful life of eight years with a residual value of $3,000. 12. Sheridan had the following account balances at December 31, 2023: (b) Cash $24,000 Accumulated Depreciation, Equipment 25,000 Accounts Receivable 25,000 Wages Payable 6,000 Supplies 50,000 Accounts Payable 50,000 Prepaid Insurance 3,000 Common Shares 75,000 Prepare adjusting journal entries for adjustments 9 to 12. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry' for the account tides and enter O for the amounts.) Inventory 46,500 Retained Earnings 67,500 Equipment 75,000 No. Account Titles and Explanation Debit Credit During 2024, the following transactions occurred: 1. Sales of paninis for cash were $635,000, and sales of paninis on account were $60,000. 9. 2. Purchases of ingredients were $171,000, all on account. 3. Collections from customers for sales on account totalled $17,600. 4. The company paid $44,000 for utilities expenses. 10 10. 5. Ingredients with a cost of $200,000 were used in paninis that were sold. 6. Payments for ingredients purchased on account totalled $215,000. 7. The company paid $92,800 for wages. 11. 8. A dividend of $34,200 was declared and paid at the end of the year. Information for adjusting entries: 9. The balance in the Supplies account at the end of 2024 was $1,200. 10. Wages owed to employees at the end of 2024 were $3,420. 11. At the end of 2024, the account balance in Prepaid Insurance was $1,500. 12. The equipment had an estimated useful life of eight years with a residual value of $3,000. 12.

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Answer No Account Titles and Explanation Debit Credit 9 ... View the full answer