During 2016, the following transactions occurred:

1.		Purchases of ingredients and supplies (inventory) were $240,000, all on account.
2.		Sales of pizzas for cash were $512,000, and sales of pizzas on account were $40,000.
3.		The company paid $98,000 for wages and $24,000 for utilities expenses.
4.		Payments for ingredients and supplies purchased on account totalled $217,000.
5.		Collections from customers for sales on account totalled $45,000.
6.		Ingredients and supplies valued at $225,000 were used in making pizzas.
7.		A dividend of $14,000 was declared and paid at the end of the year.
Information for adjusting entries:
8.		At the end of 2016, the amount of rent paid in advance was $1500.
9.		Wages owed to employees at the end of 2016 were $2,300.
10.		The equipment had an estimated useful life of eight years, with no residual value.
11.		The delivery vehicles had an estimated useful life of six years with a residual value of $8,000.

Prepare journal entries for transactions 1 through 7.

list of accounts:

Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Depreciation-Vehicles Advertising Expense Buildings Cash Common Shares Cost of Goods Sold Depreciation Expense Dividends Payable Equipment Income Tax Payable Interest Expense Interest Payable Inventory Land Miscellaneous Expense Notes Payable Operating Expense Other Expenses Prepaid Insurance Prepaid Rent Rent Expense Rent Revenue Retained Earnings Selling and Administrative Expenses Supplies Expense Wages Payable Wages Expense Advances to Employees Bank Loan Payable Deposits Dividend Revenue Dividends Declared Income Tax Expense Income Summary Insurance Expense Interest Revenue Interest Receivable License Expense Long-Term Investments Mortgage Payable No Entry Notes Receivable Supplies Prepaid Expenses Prepaid License Prepaid Property Tax Property Tax Expense Repair and Maintenance Expense Salaries Payable Salaries Expense Sales Revenue Service Revenue Short-Term Investments Telephone Expense Unearned Rent Revenue Unearned Revenue Utilities Expense Vehicles

Perfect Pizza had the following account balances at December 31, 2015: $33,000 15,000 10,000 3,000 60,000 Accumulated Depreciation, Equipment 30,000 80,000 Accumulated Depreciation, Vehicles 36,000 7,000 2,000 110,000 16,000 as Accounts Receivable Inventory Prepaid Expense Equipment Vehicles Accounts Payable Wages Payable Common Shares Retained Earnings