Sheridan had the following account balances at December 31, 2023: Prepare journal entries for transactions 1...

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Sheridan had the following account balances at December 31, 2023: Prepare journal entries for transactions 1 through 8. Create new accounts as necessary. (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 titles and enter O for the amounts.) Cash $24,000 Accumulated Depreciation, Equipment 25,000 Accounts Receivable 25,000 Wages Payable 6,000 No. Account Titles and Explanation 1. Cash Supplies 50,000 Accounts Payable 50,000 Prepaid Insurance 3,000 Common Shares 75,000 Accounts Receivable Inventory 46,500 Retained Earnings 67,500 Sales Revenue Equipment 75,000 During 2024, the following transactions occurred: 2. Inventory Accounts Payable Debit 635000 60000 171000 3. Cash 17600 1. Sales of paninis for cash were $635,000, and sales of paninis on account were $60,000. Accounts Receivable 2. Purchases of ingredients were $171,000, all on account. 3. Collections from customers for sales on account totalled $17,600. Utilities Expense 44000 4. The company paid $44,000 for utilities expenses. Cash 5. Ingredients with a cost of $200,000 were used in paninis that were sold. 5. Cost of Goods Sold 200000 6. Payments for ingredients purchased on account totalled $215,000. 7. The company paid $92,800 for wages. Inventory 6. Accounts Payable 215000 8. A dividend of $34,200 was declared and paid at the end of the year. Cash Information for adjusting entries: 7. Wages Expense 92800 9. The balance in the Supplies account at the end of 2024 was $1,200. Cash 10. Wages owed to employees at the end of 2024 were $3,420. No Entry 11. At the end of 2024, the account balance in Prepaid Insurance was $1,500. 8. Dividends Declared 34200 12. The equipment had an estimated useful life of eight years with a residual value of $3,000. Cash Credit 695000 171000 17600 44000 200000 215000 92800 34200 Sheridan had the following account balances at December 31, 2023: Prepare journal entries for transactions 1 through 8. Create new accounts as necessary. (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 titles and enter O for the amounts.) Cash $24,000 Accumulated Depreciation, Equipment 25,000 Accounts Receivable 25,000 Wages Payable 6,000 No. Account Titles and Explanation 1. Cash Supplies 50,000 Accounts Payable 50,000 Prepaid Insurance 3,000 Common Shares 75,000 Accounts Receivable Inventory 46,500 Retained Earnings 67,500 Sales Revenue Equipment 75,000 During 2024, the following transactions occurred: 2. Inventory Accounts Payable Debit 635000 60000 171000 3. Cash 17600 1. Sales of paninis for cash were $635,000, and sales of paninis on account were $60,000. Accounts Receivable 2. Purchases of ingredients were $171,000, all on account. 3. Collections from customers for sales on account totalled $17,600. Utilities Expense 44000 4. The company paid $44,000 for utilities expenses. Cash 5. Ingredients with a cost of $200,000 were used in paninis that were sold. 5. Cost of Goods Sold 200000 6. Payments for ingredients purchased on account totalled $215,000. 7. The company paid $92,800 for wages. Inventory 6. Accounts Payable 215000 8. A dividend of $34,200 was declared and paid at the end of the year. Cash Information for adjusting entries: 7. Wages Expense 92800 9. The balance in the Supplies account at the end of 2024 was $1,200. Cash 10. Wages owed to employees at the end of 2024 were $3,420. No Entry 11. At the end of 2024, the account balance in Prepaid Insurance was $1,500. 8. Dividends Declared 34200 12. The equipment had an estimated useful life of eight years with a residual value of $3,000. Cash Credit 695000 171000 17600 44000 200000 215000 92800 34200

Answer rating: 100% (QA)

1 Cash 635000 2 Inventory 171000 3 Accounts Receivable 17600 4 Utilities Expense 44000 5 Cos... View the full answer