Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
general journal 1-16 The trial balance of Pacilio Security Services Inc. as of January 1.2016. had the following normal Cash $74, 210 Accounts Receivable 13,
general journal 1-16 The trial balance of Pacilio Security Services Inc. as of January 1.2016. had the following normal Cash $74, 210 Accounts Receivable 13, 500 Supplies Prepaid Rent Merchandise Inventory (24 a $265, 1 @$260) 6, 620 Land 4.000 Accounts Payable 1, 950 Unearned Revenue 1,000 Salaries Payable 50,000 Common Stock 47, 880 Retained Earnings 1. Paid the salaries payable from 2015. 2. On March 1, 2016, Pacilio established a $100 petty cash fund to handle small expenditures. 3. Paid $4.800 on March 1, 2016, for one year's lease on the company van in advance 4, Paid $7.200 on May 2, 2016, for one year's office rent in advance. 5. Purchased $400 of supplies on account. 6. Purchased 100 alarm systems for $28.000 cash during the year. 7. Sold 102 alarm systems for $57.120. All sales were on account. (Compute cost of goods sold using the FIFO cost flow method.) 8. Paid $2.100 on accounts payable during the year. 9. Replenished the petty cash fund on August 1.Atthistime, the petty cash fund had only of currency left it contained the following receipts: office supplies expense S23, cutting grass S55. and miscellaneous expense $14. 10. Billed $52,000 of monitoring services for the year 11. Paid installers and other employees a total of $25,000 cash for salaries. 12. Collected $89.300 of accounts receivable during the year. 13 Paid S3.600 of advertising expense during the year. 14. Paid $2.500 of expense for the year. 15, Paid a dividend of$10,000 to the shareholders. Adjustments 16. There was $160 of supplies on hand at the end of the year. working the following textbook problem and would like some I Account
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/09/66e0008883b5a_23166e00087db802.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started