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Cullumber had the following account balances at December 31, 2023: Cash Accounts Receivable Supplies Prepaid Insurance Inventory Equipment 2. 3. 4. 5. 6. 7. 8. During 2024, the following transactions occurred: 9. 10. $24,000 11. 25,000 12. 50,000 (a) 3,000 1. Sales of paninis for cash were $706,000, and sales of paninis on account were $60,000. Purchases of ingredients were $190,000, all on account. Collections from customers for sales on account totalled $19,500. The company paid $48,900 for utilities expenses. Ingredients with a cost of $200,000 were used in paninis that were sold. Payments for ingredients purchased on account totalled $239,000. The company paid $103,100 for wages. A dividend of $38,000 was declared and paid at the end of the year. Information for adjusting entries: 46,500 75,000 Accumulated Depreciation, Equipment Wages Payable Accounts Payable Common Shares Retained Earnings 25,000 6,000 50,000 No. Account Titles and Explanation 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 $3,800. 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 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.) Debit Credit

Cullumber had the following account balances at December 31, 2023: Cash Accounts Receivable Supplies Prepaid Insurance Inventory Equipment 2. 3. 4. 5. 6. 7. 8. During 2024, the following transactions occurred: 9. 10. $24,000 11. 25,000 12. 50,000 (a) 3,000 1. Sales of paninis for cash were $706,000, and sales of paninis on account were $60,000. Purchases of ingredients were $190,000, all on account. Collections from customers for sales on account totalled $19,500. The company paid $48,900 for utilities expenses. Ingredients with a cost of $200,000 were used in paninis that were sold. Payments for ingredients purchased on account totalled $239,000. The company paid $103,100 for wages. A dividend of $38,000 was declared and paid at the end of the year. Information for adjusting entries: 46,500 75,000 Accumulated Depreciation, Equipment Wages Payable Accounts Payable Common Shares Retained Earnings 25,000 6,000 50,000 No. Account Titles and Explanation 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 $3,800. 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 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.) Debit Credit

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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Cullumber had the following account balances at December 31, 2023: Cash Accounts Receivable Supplies Prepaid Insurance Inventory Equipment 2. 3. 4. 5. 6. 7. 8. During 2024, the following transactions occurred: 9. 10. 11. $24,000 12. 25,000 1. Sales of paninis for cash were $706,000, and sales of paninis on account were $60,000. Purchases of ingredients were $190,000, all on account. Collections from customers for sales on account totalled $19,500. The company paid $48,900 for utilities expenses. Ingredients with a cost of $200,000 were used in paninis that were sold. Payments for ingredients purchased on account totalled $239,000. The company paid $103,100 for wages. A dividend of $38,000 was declared and paid at the end of the year. (a) 50,000 Information for adjusting entries: 3,000 46,500 75.000 1. Accumulated Depreciation, Equipment Wages Payable Accounts Payable Common Shares Retained Earnings 25,000 6,000 No. Account Titles and Explanation 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 $3,800. 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 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.) Debit Credit
Transcribed Image Text:Cullumber had the following account balances at December 31, 2023: Cash Accounts Receivable Supplies Prepaid Insurance Inventory Equipment 2. 3. 4. 5. 6. 7. 8. During 2024, the following transactions occurred: 9. 10. 11. $24,000 12. 25,000 1. Sales of paninis for cash were $706,000, and sales of paninis on account were $60,000. Purchases of ingredients were $190,000, all on account. Collections from customers for sales on account totalled $19,500. The company paid $48,900 for utilities expenses. Ingredients with a cost of $200,000 were used in paninis that were sold. Payments for ingredients purchased on account totalled $239,000. The company paid $103,100 for wages. A dividend of $38,000 was declared and paid at the end of the year. (a) 50,000 Information for adjusting entries: 3,000 46,500 75.000 1. Accumulated Depreciation, Equipment Wages Payable Accounts Payable Common Shares Retained Earnings 25,000 6,000 No. Account Titles and Explanation 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 $3,800. 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 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.) Debit Credit
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