dCrane had the following account balances at December 31, 2023: Cash Accounts Receivable Supplies Prepaid Insurance Inventory Equipment 1. 2. 3. 4. 5. During 2024, the following transactions occurred: 6. 7. 8. 9. $24,000 Accumulated Depreciation, Equipment 10. Wages Payable 50,000 Accounts Payable Common Shares Retained Earnings 11. 25,000 3,000 46,500 75,000 Information for adjusting entries: 25,000 6,000 50,000 75,000 67,500 Sales of paninis for cash were $661,000, and sales of paninis on account were $60,000. Purchases of ingredients were $178,000, all on account. Collections from customers for sales on account totalled $18,300. The company paid $45,800 for utilities expenses. Ingredients with a cost of $200,000 were used in paninis that were sold. Payments for ingredients purchased on account totalled $224,000. The company paid $96,600 for wages. A dividend of $35,600 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 $3,560. At the end of 2024, the account balance in Prepaid Insurance was $1,500.

No. Account Titles and Explanation Debit Credit 1. Cash Accounts Recelvable 661,000 Sales Revenue 60.000 2. Inventory Accounts Payable 3. Cash 18.300 Accounts Recoivable 178,000 721,000 Actornis Recomivibiet 4. Utilities Expense 45,800 Cash 5. Cost of Goods Sold 200,000 178,000 Inventory 6. Accounts Payable 224,000 Cash 7. Wages Expense Cash 96,600 10. Wages owed to employees at the end of 2024 were $3,560. 11. At the end of 2024 , the account balance in Prepaid Insurance was $1,500. 12. The equipment had an estimated useful life of eight years with a residual value of $3,000I (a) Your answer is partially correct. Prepare journal entries for transactions 1 through 8. Create new accounts as necessary. (List all debit entries before ch entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If is required, select "No Entry" for the account titles and enter o for the amounts.) Crane had the following account balances at December 31, 2023: During 2024, the following transactions occurred: 1. Sales of paninis for cash were $661,000, and sales of paninis on account were $60,000. 2. Purchases of ingredients were $178,000, all on account. 3. Collections from customers for sales on account totalled $18,300. 4. The company paid $45,800 for utilities expenses. 5. Ingredients with a cost of $200,000 were used in paninis that were sold. 6. Payments for ingredients purchased on account totalled $224,000. 7. The company paid $96,600 for wages. 8. A dividend of $35,600 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. 10. Wages owed to employees at the end of 2024 were $3,560. 11. At the end of 2024 , the account balance in Prepaid Insurance was $1,500. Sales Revenut 721,000 2. Inventory 178.000 Accounts Payable 3. Cash 18,300 Accounts Receivable: 178,000 4. Utilities Expense 45,800 Cash 5. Cost of Goods Sold 200,000 Inventory 6. Accounts Payable 224,000 Cash 7. Wages Expense Cash No Entry 0 0 8. Dividends Declared 96,600