THE QUESTION TO BE ANSWERED IS THE ENTER THE BEGINNING BALANCES FROM 2023, POST THE 2024 ENTRIES, AND CALCULATE THE BALANCE IN EACH ACCOUNT

Enter the beginning balances from 2023, post the 2024 entries, and calculate the balance in each account. (Post entries in the order of journal entries presented in the previous part. If beginning balance is zero, enter 0 in the column for the normal balance for that account.) 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 $3,580. 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. Dividends Declared Cullumber had the following account balances at December 31, 2023: During 2024 , the following transactions occurred: 1. Sales of paninis for cash were $665,000, and sales of paninis on account were $60,000. 2. Purchases of ingredients were $179,000, all on account. 3. Collections from customers for sales on account totalled $18,400. 4. The company paid $46,000 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 $225,000. 7. The company paid $97,200 for wages. 8. A dividend of $35,800 was declared and paid at the end of the year. No. Account Titles and Explanation Debit Credit 9. Supplies Expense 48800 Supplies 10. Wages Expense Wages Payable 11. Insurance Expense Prepaid Insurance 12. Depreciation Expense Accumulated Depreciation - Equipment 9000 5. Cost of Goods Sold Inventory 6. Accounts Payable Cash 7. Wages Expense Wages Payable Cash 8. Cash 225000 35800 No. Account Titles and Explanation 1. Cash Accounts Receivable Sales Revenue 2. Inventory Accounts Payable 3. Cash Accounts Receivable 4. Utilities Expense Cash Debit Credit 46000 Insurance Expense