Ivanhoe had the following account balances at December 31, 2023: During 2024, the following transactions occurred: 1. Sales of paninis for cash were $669,000, and sales of paninis on account were $60,000. 2. Purchases of ingredients were $180,000, all on account. 3. Collections from customers for sales on account totalled $18,500. 4. The company paid $46,300 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 $226,000. 7. The company paid $97,700 for wages. 8. A dividend of $36,000 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 $3,600. 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 $3,000. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 7. 8