1
answer
0
watching
1,272
views
28 Sep 2019
The Trial Balance of Pacilio Security Services Inc as of Jan, 12018 had the following normal balances.
Cash $93,708
Petty Cash $100
Account Receivable $22,540
Allowance for doubtful accounts $1,334
Supplies $250
Prepaid rent $3,600
Merchandise Inventory (18 @ $285) $5,130
Land $4,000
Salaries payable $2,100
Common stock $50,000
Retained earnings $75,894
During 2018 Pacillo Security Services experienced the followingtransaction:
1. Paid the salaries payable from 2017.
2. Purchased equipment and a van for a lump sum of $ 36,000 cash onJanuary 2, 2018. The equipment was appraised for $10,000 and thevan was appraised for $30,000.
3. Paid $9,000 on May 1, 2018 for one year's Office rent inadvance.
4.Purchased $300 of supplies on account.
5.Purchased 120 alarm systems at a cost of $280 each. Paid cash forthe purchase.
6.After numerous attempts to collect from customers, wrote off$2,350 of uncollectible accounts receivable.
7.Sold 115 alarm systems for $580 each. All sales were on accounts.(Be sure to compute cost of goods sold using the FIFO cost flowmethod.)
8.Billed $86,000 of monitoring services for the year. Credit cardsales amounted to $36,000, and the credit card company charged a 4percent fee. The remaining $50,000 were sales on account.
9.Replenished the petty cash fund on June 30. The fund had $12 cashand receipts of $45 for yard mowing, $28 for office suppliesexpense , and $11 for miscellaneous exepenses.
10.Collected the amount due from the credit card company.
11. Paid installers and other employees a total of $52,000 cash forsalaries.
12. Collected $115,500 of accounts receivable during theyear.
13.Paid $12,500 of advertising expense during the year.
14.Paid $6,800 of utilities expense for the year.
15. Sold the land, which was purchased in 2011, for $12,000.
16. Paid the accounts payable.
17.Paid a dividend of $10,000 to the shareholders.
ADJUSTMENTS
18.Determined that $180 of supplies were on hand at the end of theyear.
19.Recognized the expired rent for both the old van and the officebuilding for the year.The lease on the van was not renewed.Rentpaid on March 1, 2017, for the van was $4,800.
20.Recognized uncollectible accounts expense fo the year using theallowance method. Pacilio estimates that 3 percent of sales onaccount will not be collected.
21.Recognized depreciation expense on the equipment and the van.The equipment has a five year life and a $2,000 salvage value. Thevan has a four-year life and a $6,000 salvage value.The companyuses double-declining-balance for the van and straight-line for theequipment.
22.Accrued salaries at December 31,3018, were $1,500.
REQUIRED:
A. Record the above transaction in general journal form.
b.Post the transaction to T-accounts.
c.Prepare a trial balance.
d.Prepare an income statement, statement of changes instockholders' equity, balance sheet, and statement of cashflows.
e.Close the temporary accounts to retained earnings
f.Post the closing entries to the T-accounts and prepare a post-closing trial balance.
I was trying to add an attachment where i have all the sheets thathave to be completed the t accounts and ect.. if you are interestedto help me let me know and i will email you the worksheet for therequirements .
The Trial Balance of Pacilio Security Services Inc as of Jan, 12018 had the following normal balances.
Cash $93,708
Petty Cash $100
Account Receivable $22,540
Allowance for doubtful accounts $1,334
Supplies $250
Prepaid rent $3,600
Merchandise Inventory (18 @ $285) $5,130
Land $4,000
Salaries payable $2,100
Common stock $50,000
Retained earnings $75,894
During 2018 Pacillo Security Services experienced the followingtransaction:
1. Paid the salaries payable from 2017.
2. Purchased equipment and a van for a lump sum of $ 36,000 cash onJanuary 2, 2018. The equipment was appraised for $10,000 and thevan was appraised for $30,000.
3. Paid $9,000 on May 1, 2018 for one year's Office rent inadvance.
4.Purchased $300 of supplies on account.
5.Purchased 120 alarm systems at a cost of $280 each. Paid cash forthe purchase.
6.After numerous attempts to collect from customers, wrote off$2,350 of uncollectible accounts receivable.
7.Sold 115 alarm systems for $580 each. All sales were on accounts.(Be sure to compute cost of goods sold using the FIFO cost flowmethod.)
8.Billed $86,000 of monitoring services for the year. Credit cardsales amounted to $36,000, and the credit card company charged a 4percent fee. The remaining $50,000 were sales on account.
9.Replenished the petty cash fund on June 30. The fund had $12 cashand receipts of $45 for yard mowing, $28 for office suppliesexpense , and $11 for miscellaneous exepenses.
10.Collected the amount due from the credit card company.
11. Paid installers and other employees a total of $52,000 cash forsalaries.
12. Collected $115,500 of accounts receivable during theyear.
13.Paid $12,500 of advertising expense during the year.
14.Paid $6,800 of utilities expense for the year.
15. Sold the land, which was purchased in 2011, for $12,000.
16. Paid the accounts payable.
17.Paid a dividend of $10,000 to the shareholders.
ADJUSTMENTS
18.Determined that $180 of supplies were on hand at the end of theyear.
19.Recognized the expired rent for both the old van and the officebuilding for the year.The lease on the van was not renewed.Rentpaid on March 1, 2017, for the van was $4,800.
20.Recognized uncollectible accounts expense fo the year using theallowance method. Pacilio estimates that 3 percent of sales onaccount will not be collected.
21.Recognized depreciation expense on the equipment and the van.The equipment has a five year life and a $2,000 salvage value. Thevan has a four-year life and a $6,000 salvage value.The companyuses double-declining-balance for the van and straight-line for theequipment.
22.Accrued salaries at December 31,3018, were $1,500.
REQUIRED:
A. Record the above transaction in general journal form.
b.Post the transaction to T-accounts.
c.Prepare a trial balance.
d.Prepare an income statement, statement of changes instockholders' equity, balance sheet, and statement of cashflows.
e.Close the temporary accounts to retained earnings
f.Post the closing entries to the T-accounts and prepare a post-closing trial balance.
I was trying to add an attachment where i have all the sheets thathave to be completed the t accounts and ect.. if you are interestedto help me let me know and i will email you the worksheet for therequirements .
Cash $93,708
Petty Cash $100
Account Receivable $22,540
Allowance for doubtful accounts $1,334
Supplies $250
Prepaid rent $3,600
Merchandise Inventory (18 @ $285) $5,130
Land $4,000
Salaries payable $2,100
Common stock $50,000
Retained earnings $75,894
During 2018 Pacillo Security Services experienced the followingtransaction:
1. Paid the salaries payable from 2017.
2. Purchased equipment and a van for a lump sum of $ 36,000 cash onJanuary 2, 2018. The equipment was appraised for $10,000 and thevan was appraised for $30,000.
3. Paid $9,000 on May 1, 2018 for one year's Office rent inadvance.
4.Purchased $300 of supplies on account.
5.Purchased 120 alarm systems at a cost of $280 each. Paid cash forthe purchase.
6.After numerous attempts to collect from customers, wrote off$2,350 of uncollectible accounts receivable.
7.Sold 115 alarm systems for $580 each. All sales were on accounts.(Be sure to compute cost of goods sold using the FIFO cost flowmethod.)
8.Billed $86,000 of monitoring services for the year. Credit cardsales amounted to $36,000, and the credit card company charged a 4percent fee. The remaining $50,000 were sales on account.
9.Replenished the petty cash fund on June 30. The fund had $12 cashand receipts of $45 for yard mowing, $28 for office suppliesexpense , and $11 for miscellaneous exepenses.
10.Collected the amount due from the credit card company.
11. Paid installers and other employees a total of $52,000 cash forsalaries.
12. Collected $115,500 of accounts receivable during theyear.
13.Paid $12,500 of advertising expense during the year.
14.Paid $6,800 of utilities expense for the year.
15. Sold the land, which was purchased in 2011, for $12,000.
16. Paid the accounts payable.
17.Paid a dividend of $10,000 to the shareholders.
ADJUSTMENTS
18.Determined that $180 of supplies were on hand at the end of theyear.
19.Recognized the expired rent for both the old van and the officebuilding for the year.The lease on the van was not renewed.Rentpaid on March 1, 2017, for the van was $4,800.
20.Recognized uncollectible accounts expense fo the year using theallowance method. Pacilio estimates that 3 percent of sales onaccount will not be collected.
21.Recognized depreciation expense on the equipment and the van.The equipment has a five year life and a $2,000 salvage value. Thevan has a four-year life and a $6,000 salvage value.The companyuses double-declining-balance for the van and straight-line for theequipment.
22.Accrued salaries at December 31,3018, were $1,500.
REQUIRED:
A. Record the above transaction in general journal form.
b.Post the transaction to T-accounts.
c.Prepare a trial balance.
d.Prepare an income statement, statement of changes instockholders' equity, balance sheet, and statement of cashflows.
e.Close the temporary accounts to retained earnings
f.Post the closing entries to the T-accounts and prepare a post-closing trial balance.
I was trying to add an attachment where i have all the sheets thathave to be completed the t accounts and ect.. if you are interestedto help me let me know and i will email you the worksheet for therequirements .
Casey DurganLv2
28 Sep 2019
