Requir 13 and normal.. statement of income and statement of financial position, and preparing closing AP-144 (Journaling posting preparing statement tris) Prahad the following account balances at December 11 2010 80,000 36,000 Accounts Receivable Teventory Prepaid Rent Equipment $33,000 Vehicles 15,000 Acculated Depreciation Vehicles 10,000 Accounts Payable 3,000 Wages Payable 60,000 Common Shares 30,000 Retained Earings 7.000 2,000 Accumulated Depreciation Equipment 110,000 16,000 During 2020, the following transactions occurred: L Purchases of ingredients and supplies inventory) were $230,000, all on account 2. Sales af pizzas for cash were $510,000, and sales of pizzas on account were $40,000 1. The company paid $105,000 for wages 4. The company also paid $25,000 for utilities expenses. 3. Payments for ingredients and supplies purchased on account totalled $220,000 6. Collections from customers for sales on account totalled $38,000 7. Ingredients and supplies valued at $225,000 were used in making pizzas that were sold A dividend of $15,000 was declared and paid at the end of the year. Information for adjusting entries: 9. At the end of 2020, the amount of rent paid in advance was $1,500. 10. Wages owed to employees at the end of 2020 were $2,500. 11. The equipment had an estimated useful life of eight years, with no residual value. 12. The delivery vehicles had an estimated useful life of six years with a residual value of $8,000 Required . Prepare journal entries for transactions through 8. Create new accounts as necessary b. Prepare adjusting journal entries for adjustments 9 to 12. accounts, enter the beginning balances from 2019, post the 2020 entries, and calculate the balance in each Set up T accounts, enter the beginning 4. Prepare a trial balance, and ensure that . Prepare a statement of income for 2020. ca a balance, and ensure that the total of the debit balances is equal to the total of the credit balances. the closing entries, post them to the accounts, and calculate the final balance in each account Prepare a statement of financial position for 2020. Requir 13 and normal.. statement of income and statement of financial position, and preparing closing AP-144 (Journaling posting preparing statement tris) Prahad the following account balances at December 11 2010 80,000 36,000 Accounts Receivable Teventory Prepaid Rent Equipment $33,000 Vehicles 15,000 Acculated Depreciation Vehicles 10,000 Accounts Payable 3,000 Wages Payable 60,000 Common Shares 30,000 Retained Earings 7.000 2,000 Accumulated Depreciation Equipment 110,000 16,000 During 2020, the following transactions occurred: L Purchases of ingredients and supplies inventory) were $230,000, all on account 2. Sales af pizzas for cash were $510,000, and sales of pizzas on account were $40,000 1. The company paid $105,000 for wages 4. The company also paid $25,000 for utilities expenses. 3. Payments for ingredients and supplies purchased on account totalled $220,000 6. Collections from customers for sales on account totalled $38,000 7. Ingredients and supplies valued at $225,000 were used in making pizzas that were sold A dividend of $15,000 was declared and paid at the end of the year. Information for adjusting entries: 9. At the end of 2020, the amount of rent paid in advance was $1,500. 10. Wages owed to employees at the end of 2020 were $2,500. 11. The equipment had an estimated useful life of eight years, with no residual value. 12. The delivery vehicles had an estimated useful life of six years with a residual value of $8,000 Required . Prepare journal entries for transactions through 8. Create new accounts as necessary b. Prepare adjusting journal entries for adjustments 9 to 12. accounts, enter the beginning balances from 2019, post the 2020 entries, and calculate the balance in each Set up T accounts, enter the beginning 4. Prepare a trial balance, and ensure that . Prepare a statement of income for 2020. ca a balance, and ensure that the total of the debit balances is equal to the total of the credit balances. the closing entries, post them to the accounts, and calculate the final balance in each account Prepare a statement of financial position for 2020