The trial balance of Pacilio Security Services, Incorporated as of January $1,$ Year $8,$ had the following normal balances:$$Cash$$93,708$Petty cash$100$Accounts receivable$22,540$Allowance for doubtful accounts$1,334$Supplies$250$Prepaid rent$3,600$Merchandise inventory $(18$ @ $$285)5,130$Land$4,000$Salaries payable$2,100$Common stock$50,000$Retained earnings$75,894$During Year $8,$ Pacilio Security Services experienced the following transactions:$*$ Paid the salaries payable from Year $7.*$ Purchased equipment and a van for a lump sum of $$36,000$ cash on January $2,$ Year $8.$ The equipment was appraised for $$10,000$ and the van was appraised for $$30,000.*$ Paid $$9,000$ on May $1,$ Year $8,$ for one years office rent in advance.$*$ Purchased $$300$ of supplies on account.$*$ Purchased $120$ alarm systems at a cost of $$280$ each. Paid cash for the purchase.$*$ After numerous attempts to collect from customers, wrote off $$2,350$ of uncollectible accounts receivable.$*$ Sold $115$ alarm systems for $$580$ each. All sales were on account.$*$ Record the cost of goods sold related to the sale from Event $7$ using the FIFO method.$*$ Billed $$86,000$ of monitoring services for the year. Credit card sales amounted to $$36,000,$ and the credit card company charged a $4$ percent fee. The remaining $$50,000$ were sales on account.$*$ Replenished the petty cash fund on June $30.$ The fund had $$12$ cash and receipts of $$45$ for yard mowing, $$28$ for office supplies expense, and $$11$ for miscellaneous expenses.$*$ Collected the amount due from the credit card company.$*$ Paid installers and other employees a total of $$52,000$ cash for salaries.$*$ Collected $$115,500$ of accounts receivable during the year.$*$ Paid $$12,500$ of advertising expense during the year.$*$ Paid $$6,800$ of utilities expense for the year.$*$ Sold the land, which was purchased in $2011,$ for $$12,000.*$ Paid the accounts payable.$*$ Paid a dividend of $$10,000$ to the shareholders.Adjustments$*$ Determined that $$180$ of supplies were on hand at the end of the year.$*$ Recognized the expired rent for both the old van and the office building for the year. The lease on the van was not renewed. Rent paid on March $1,$ Year $7,$ for the van was $$4,800.*$ Recognized uncollectible accounts expense for the year using the allowance method. Pacilio estimates that $3$ percent of sales on account will not be collected.$*$ Recognized depreciation expense on the equipment and the van. The equipment has a five$-$year life and a $$2,000$ salvage value. The van has a four$-$year life and a $$6,000$ salvage value. The company uses double$-$declining$-$balance for the van and straight$-$line for the equipment.$*$ Accrued salaries at December $31,$ Year $8,$ were $$1,500.$Required questions General Journal tab $-$ Prepare the journal entries to record transactions $(1)$ through $(18).$ Then prepare the necessary adjusting entries $(19)$ through $(23)$ to correctly report net income for the period.$$ Then record the closing entries $(24)$ through $(26)$ as of December $31,$ Year $8.$General Ledger tab $-$ Each journal entry is posted automatically to the general ledger.Trial Balance tab $-$The ending balance values from the General Ledger tab flows through to the Trial Balance tab.Income Statement tab $-$ Use the drop$-$down to select the accounts properly included on the income statement.Statement of Changes in Stockholders' Equity tab $-$Prepare the$$statement of changes in stockholders equity for the year ended December $31,$ Year $8.$Balance Sheet tab $-$ Prepare a classified balance sheet at December $31,$ Year $8.$Statement of Cash Flows tab $-$Prepare the statement of cash flows for the year ended December $31,$ Year $8.$Analysis tab$-$Use a horizontal statements model to show how each$$transaction affects the balance sheet, income statement, and statement of cash flows