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During Year 5 , Pacilio Security Services experienced the following transactions: Paid the salaries payable from Year 4 . On January 1 5 , purchased
During Year Pacilio Security Services experienced the following transactions:
Paid the salaries payable from Year
On January purchased standard alarm systems for cash at a cost of $ each.
On February paid the accounts payable of $ but not within the discount period. The company uses the gross method.
On March leased a business van. Paid $ for one year's lease in advance.
Paid $ on May for one year's rent on the office in advance.
Purchased with cash $ of supplies to be used over the next several months by the business.
Purchased with cash another alarm systems on August for resale at a cost of $ each.
On September purchased on account standard alarm systems at a cost of $ each.
Installed standard alarm systems for $ Sales of $ were on account, while $ were cash sales. Note: Be sure
to record cost of goods sold using the perpetual FIFO method.
Record the cost of goods sold related to the sale from Event using the perpetual FIFO method.
Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $ with a cost of
$ Record the reversal of revenue in Event and the reversal of cost separately in Event
Record the reversal of cost of goods sold for the refund issued in Event
Paid installers and other employees a total of $ cash for salaries.
Sold $ of monitoring services during the year. The services are billed to the customers each month.
Sold an additional monitoring service for $ for one year's service. The customer paid the full amount of $ on October
Collected $ of accounts receivable during the year.
Paid an additional $ to settle some of the accounts payable.
Paid $ of advertising expense during the year.
Paid $ of utilities expense for the year.
Paid a dividend of $ to the shareholders.
Adjustments
There was $ of supplies on hand at the end of the year.
Recognized the expired rent for both the van and the office building for the year.
Recognized the revenue earned from transaction
Accrued salaries at December Year were $
Prepare the journal entries to record transactions through Then prepare the necessary adjusting entries through to
correctly report net income for the period. Then record the closing entries through as of December Year
Note: If no entry is required for a transaction, select No journal entry required" in the first account field.
Journal entry worksheet
Record the closing entry for the expense accounts.
Note: Enter debits before credits.
Please help with curating the journal entries adjusting and closing and the other financial statments.
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