Please provide answer in text (Without image), every entry should have narration please Cullumber had the following account balances at December 31, 2023:CashAccounts ReceivableSuppliesPrepaid InsuranceInventoryEquipment2.3.4.5.6.7.8.During 2024, the following transactions occurred:9.10.11.$24,00012.25,0001. 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)50,000Information for adjusting entries:3,00046,50075.0001.Accumulated Depreciation, EquipmentWages PayableAccounts PayableCommon SharesRetained Earnings25,0006,000No. Account Titles and Explanation50,00075,00067,500The 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 "NoEntry" for the account titles and enter O for the amounts.)DebitCredit

Name: Please provide answer in text (Without image), every entry should hav
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Please provide answer in text (Without image), every entry should have narration please Cullumber had the following account balances at December 31, 2023:CashAccounts ReceivableSuppliesPrepaid InsuranceInventoryEquipment2.3.4.5.6.7.8.During 2024, th