AP3-14A (Journalizing, posting, preparing statement of income and statement of financial position, and preparing closing entries) Direnzo Panini had the following account balances at December 31, 2023: Cash $24,000 Accumulated Depreciation, Equipment 25,000 Accounts Receivable 25,000 Wages Payable 6,000 Supplies 50,000 Accounts Payable 50,000 Prepaid Insurance 3,000 Common Shares 75,000 Inventory 46,500 Retained Earnings in wins in 67,500 Equipment 75,000 During 2024, the following transactions occurred: addinom 150 000.E2 1. Sales of paninis for cash were $650,000, and sales of paninis on account were $60,000. 2. Purchases of ingredients were $175,000, all on account. 3. Collections from customers for sales on account totalled $18,000. 4. The company paid $45,000 for utilities expenses. Buy 5. Ingredients with a cost of $200,000 were used in paninis that were sold. 6. Payments for ingredients purchased on account totalled $220,000. 7. The company paid $95,000 for wages, 8. A dividend of $35,000 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. 10. Wages owed to employees at the end of 2024 were $3,500. 11. At the end of 2024, the account balance in Prepaid Insurance was $1,500. Inventy minus Suppling wage - 6000 12. The equipment had an estimated useful life of eight years with a residual value of $3,000. Required a. Prepare journal entries for transactions 1 through 8. Create new accounts as necessary. b. Prepare adjusting journal entries for adjustments 9 to 12. 50,000 3500 CHAPTER 3 Double-Entry Accounting and the Accounting Cycle c. Set up T accounts, enter the beginning balances from 2023, post the 2024 entries, and calculate the balance in each account. A a 212 bug A d. Prepare a trial balance and ensure that the total of the debit balances is equal to the total of the credit balances. e. Prepare a single-step statement of income for 2024. f. Prepare the closing entries, post them to the T accounts, and calculate the final balance in each account. 000 g. Prepare a classified statement of financial position for 2024. 16