Gia's Gems, Inc. - Prepare Journal Entries for the year ending December 31, 202. ietart halnw are the accounts and their respective balances for Gia's Gems, Inc. at December 31, 20X During 202 the following transactions occurred: - Paid prior year's accounts payable. - Received prior year's accounts receivable. - Purchased 14,000 Gems at $9 each. Paid 40% down and will pay the rest later. - Sold 16.000Gems for $15 each with 70% down (cash) and the other 30% will get later. - Paid 201 taxes payable. - Paid cash for wages of $38,000. - Paid nine months' rent, \$18,000, (Be carefuli) - Wrote off $900 of uncollectible accounts receivable. - Paid $14,000 for advertising for 202 - Paid utility bill for 202$7,250. - On Dec 31 , paid annual payment on note payable of $10.000 principal plus 2.000 interest. - Paid a $4,000 dividend to shareholders on December 31,202 - On Dec 31, owed $3150 in wages which had not yet been paid. Also, during the year the company paid 50% of the 202 taxes. They will pay the rest next year The tax The company uses the FIFO inventory system. At December 31,202, the company estimates that 3% of the Accounts Receivable will not be collectible At Dec 31,202, the company owed $10,000 in wages which had not yet been paid The equipment originally cost $40,000, had a ten-year life and was expected to be worth $5.000 at the e