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5. Cost of Goods Sold Inventory 6. Ingredients and Supplies Inventory Accounts Payable 234000 7. Wages Expense Cash 8. Dividends Declared Cash Sandhill had the following account balances at December 31, 2023 : During 2024, the following transactions occurred: 1. Sales of paninis for cash were $691,000, and sales of paninis on account were $60,000. 2. Purchases of ingredients were $186,000, all on account. 3. Collections from customers for sales on account totalled $19,100. 4. The company paid $47,800 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 $234,000. 7. The company paid $101,000 for wages. 8. A dividend of $37,200 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 $3,720. 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