Pharoah had the following account balances at December $31,2023$:

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

$75,000$

Inventory

$46,500$

Retained Earnings

$67,500$

Equipment

$75,000$

During $2024,$ the following transactions occurred:

$1.$ Sales of paninis for cash were $$631,000,$ and sales of paninis on account were $$60,000.$

$2.$ Purchases of ingredients were $$170,000,$ all on account.

$3.$ Collections from customers for sales on account totalled $$17,500.$

$4.$ The company paid $$43,700$ for utilities expenses.

$5.$ Ingredients with a cost of $$200,000$ were used in paninis that were sold.

$6.$ Payments for ingredients purchased on account totalled $$214,000.$

$7.$ The company paid $$92,300$ for wages.

$8.$ A dividend of $$34,000$ 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 $$3,400.$

$11.$ 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.$

Enter the beginning balances from $2023,$ post the $2024$ entries, and calculate the balance in each account. $($Post entries in the order of journal entries presented in the previous part. If beginning balance is zero, enter $0$ in the column for the normal balance for that account.$)$

Use T accounts

Answer rating: 100% (QA)

Here are the Taccounts to record the transactions for Pharoah in 2024 Cash Dr Cr 24000 631000 6000... View the full answer