Use closing entries to fill in T accounts

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. Account Titles and Explanation Sales Revenue Income Summary (To close accounts with a credit balance) Income Summary Cost of Goods Sold Supplies Expense Utilities Expense Wages Expense Insurance Expense Depreciation Expense (To close accounts with a debit balance) Income Summary Retained Earnings (To close income summary account) Retained Earnings Dividends Declared Debit (To close dividend account) Account Titles and Explanation Sales Revenue Income Summary (To close accounts with a credit balance) Income Summary Cost of Goods Sold Supplies Expense Utilities Expense Wages Expense Insurance Expense Depreciation Expense (To close accounts with a debit balance) Income Summary Retained Earnings (To close income summary account) Retained Earnings Dividends Declared Debit (To close dividend account)