Wildhorse had the following account balances at December 31,2023 : During 2024, the following transactions occurred: 1. Sales of paninis for cash were $654,000, and sales of paninis on account were $60,000. 2. Purchases of ingredients were $176,000, all on account. 3. Collections from customers for sales on account totalled $18,100. 4. The company paid $45,300 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 $221,000. 7. The compary paid $95,500 for wages. 8. A dlvidend of $35,200 was declared and paid at the end of the year. Information for atjusting entries: 9. The balance in the Suppl 1 account at the end of 2024 was $1,200. 10. Wages owed to employees at the end of 2024 were $3.520. 11. At the end of 2024 , the account balance in Prepaid insurance was 51,500 , 12. The equipment had an estimated useful life of eight years with a residual value of 53,000 . (3)) Prepare journal entries for transactions 1 through 8. Create new accounts as necessary. (List all debit entries before oridlt entries Credit occount tiles are outomatically indented when the amount is entered, Do not indent manually if no entry bs required, select Wo. Entry" for the occount titles and enter 0 for the dmounts.)