9. 10. 11. Blossom had the following account balances at December 31, 2023: 12. Cash Accounts Receivable Supplies Prepaid Insurance Inventory Equipment 1. 2. 3. 4. During 2024, the following transactions occurred: 6. $24,000 7. 25,000 8. 50,000 3,000 46,500 Sales of paninis for cash were $698,000, and sales of paninis on account were $60,000. Purchases of ingredients were $188,000, all on account. Collections from customers for sales on account totalled $19,300. The company paid $48,300 for utilities expenses. 5. Ingredients with a cost of $200,000 were used in paninis that were sold. Payments for ingredients purchased on account totalled $236,000. The company paid $102,100 for wages. A dividend of $37,600 was declared and paid at the end of the year. Information for adjusting entries: 75,000 Accumulated Depreciation, Equipment Wages Payable Accounts Payable Common Shares Retained Earnings 25,000 6,000 50,000 75,000 67,500 The balance in the Supplies account at the end of 2024 was $1,200. Wages owed to employees at the end of 2024 were $3,760. At the end of 2024, the account balance in Prepaid Insurance was $1,500. The equipment had an estimated useful life of eight years with a residual value of $3,000. Prepare the closing entries. (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 0 for the amounts.)
9. 10. 11. Blossom had the following account balances at December 31, 2023: 12. Cash Accounts Receivable Supplies Prepaid Insurance Inventory Equipment 1. 2. 3. 4. During 2024, the following transactions occurred: 6. $24,000 7. 25,000 8. 50,000 3,000 46,500 Sales of paninis for cash were $698,000, and sales of paninis on account were $60,000. Purchases of ingredients were $188,000, all on account. Collections from customers for sales on account totalled $19,300. The company paid $48,300 for utilities expenses. 5. Ingredients with a cost of $200,000 were used in paninis that were sold. Payments for ingredients purchased on account totalled $236,000. The company paid $102,100 for wages. A dividend of $37,600 was declared and paid at the end of the year. Information for adjusting entries: 75,000 Accumulated Depreciation, Equipment Wages Payable Accounts Payable Common Shares Retained Earnings 25,000 6,000 50,000 75,000 67,500 The balance in the Supplies account at the end of 2024 was $1,200. Wages owed to employees at the end of 2024 were $3,760. At the end of 2024, the account balance in Prepaid Insurance was $1,500. The equipment had an estimated useful life of eight years with a residual value of $3,000. Prepare the closing entries. (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 0 for the amounts.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:9.
10.
11.
Blossom had the following account balances at December 31, 2023:
12.
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Inventory
Equipment
1.
2.
During 2024, the following transactions occurred:
3.
4.
5.
6.
7.
Information for adjusting entries:
$24,000
25,000
50,000
3,000
46,500
75,000
8.
Accumulated Depreciation, Equipment
Wages Payable
Accounts Payable
Common Shares
Retained Earnings
25,000
6,000
50,000
75,000
67,500
Sales of paninis for cash were $698,000, and sales of paninis on account were $60,000.
Purchases of ingredients were $188,000, all on account.
Collections from customers for sales on account totalled $19,300.
The company paid $48,300 for utilities expenses.
Ingredients with a cost of $200,000 were used in paninis that were sold.
Payments for ingredients purchased on account totalled $236,000.
The company paid $102,100 for wages.
A dividend of $37,600 was declared and paid at the end of the year.
The balance in the Supplies account at the end of 2024 was $1,200.
Wages owed to employees at the end of 2024 were $3,760.
At the end of 2024, the account balance in Prepaid Insurance was $1,500.
The equipment had an estimated useful life of eight years with a residual value of $3,000.
Prepare the closing entries. (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 0 for the amounts.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education