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will thumbs up! Gave the question a shot and got it wrong. Please help Thank you! Sheridan had the following account balances at December 31,
will thumbs up! Gave the question a shot and got it wrong. Please help Thank you!
Sheridan had the following account balances at December 31, 2023 : During 2024, the following transactions occurred: 1. Sales of paninis for cash were $635,000, and sales of paninis on account were $60,000. 2. Purchases of ingredients were $171,000, all on account. 3. Collections from customers for sales on account totalled $17,600. 4. The company paid $44,000 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 $215,000. 7. The company paid $92,800 for wages. 8. A dividend of $34,200 was declared and paid at the end of the year. Your answer is partially correct. Prepare journal entries for transactions 1 through 8. Create new accounts as necessary. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Step by Step Solution
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