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Sunland Pizza had the following account balances at December 31, 2023: During 2024, the following transactions occurred: 1. Purchases of ingredients and supplies (inventory) were
Sunland Pizza had the following account balances at December 31, 2023: During 2024, the following transactions occurred: 1. Purchases of ingredients and supplies (inventory) were $216,200, all on account. 2. Sales of pizzas for cash were $479,400, and sales of pizzas on account were $37,600. 3. The company paid $98,700 for wages. 4. The company also paid $23,500 for utilities expenses. 5. Payments for ingredients and supplies purchased on account totalled $206,800. 6. Collections from customers for sales on account totalled $35,720. 7. Ingredients and supplies valued at $211,500 were used in making pizzas that were sold. 8. A dividend of $14,100 was declared and paid at the end of the year. Information for adjusting entries: 9. At the end of 2024 , the amount of rent paid in advance was $1,410. 10. Wages owed to employees at the end of 2024 were $2,350. 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 $7,520. Prepare a trial balance, and ensure that the total of the debit balances is equal to the total of the credit balances. SUNLAND PIZZA Adjusted Trial Balance Debit Credit $ $
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