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Blossom had the following account balances at December 31, 2023: Cash Accounts Receivable Supplies Prepaid Insurance Inventory Equipment 1. 2. 3. During 2024, the following transactions occurred: 4. 5. 6. 7. $24,000 8. 25,000 50,000 3,000 46,500 75,000 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.

Blossom had the following account balances at December 31, 2023: Cash Accounts Receivable Supplies Prepaid Insurance Inventory Equipment 1. 2. 3. During 2024, the following transactions occurred: 4. 5. 6. 7. $24,000 8. 25,000 50,000 3,000 46,500 75,000 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Blossom had the following account balances at December 31, 2023: Cash Accounts Receivable Supplies Prepaid Insurance Inventory Equipment 1. 2. 3. 4. 5. 6. During 2024, the following transactions occurred: 7. $24,000 Accumulated Depreciation, Equipment 8. 25,000 50,000 3,000 46,500 75,000 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.
Transcribed Image Text:Blossom had the following account balances at December 31, 2023: Cash Accounts Receivable Supplies Prepaid Insurance Inventory Equipment 1. 2. 3. 4. 5. 6. During 2024, the following transactions occurred: 7. $24,000 Accumulated Depreciation, Equipment 8. 25,000 50,000 3,000 46,500 75,000 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.
Information for adjusting entries: 9. 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. 10. 11. 12. (a) Your answer is partially correct. 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 0 for the amounts.)
Transcribed Image Text:Information for adjusting entries: 9. 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. 10. 11. 12. (a) Your answer is partially correct. 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 0 for the amounts.)
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