General Journal Entries, Income Statement, Changes in Stockholders Equity, Balance Sheet, Statement of Cash Flow, Analysis.
The trial balance of Pacilio Security Services, Inc. as of January 1, Year 7, had the following normal balances Cash Petty cash Accounts Receivable Supplies Prepaid Rent Merchandise Tnventory (23 @ $280) Land Accounts Payable Salaries Payable Connon Stock Retained Earnings $78,972 100 33,440 160 3,200 6,448 4,000 250 1,400 se, 600 74,662 During Year 7 Pacitio Security Services experienced the following transactions 1. Paid the salaries payable from Year 6 2. Paid $4,800 on March 1, Year 7. for one year's lease in advance on the company van 3. Paid $8.400 on May 2. Year 7 for one year's office rent in advance. 4. Purchased $550 of supplies on account 5. Paid cash to purchase 105 alarm systems at a cost of $285 each 6. Pacilio has noticed its accounts receivable balance is growing more than desired and some collection problems exist. It appears that uncollectible accounts expense is approximately 3 percent of total credit sales. Pacilio has decided it will, starting this year, adopt the allowance method of accounting for uncollectible accounts. It will record an adjusting entry to recognize the estimate at the end of the year 7 in trying to collect several of its delinquent accounts Pacilio has learned that these customers have either declared bankruptcy or moved and left no forwarding address These uncollectible accounts amount to $1,900. 8. Sold 110 alarm systems for $63,800. All sales were on account 9. Record the cost of goods sold related to the sale from Event 8 using the FIFO method PIA 101 18 Next arch we Problem Port 7 Help Save & EXIT Check www www. 9 Record the cost of goods sold related to the sale from Event 8 using the FIFO method. 10. Paid the balance of the accounts payable 11. Pocilio began accepting credit cards for some of its monitoring service sales. The credit card company charges a fee of 4 percent Total monitoring services for the year were $68,000. Paciio accepted credit cards for $24,000 of this amount. The other $44,000 12. On July 1 Year 7. Pocillo replenished the petty cash tund. The fund contained $21 of currency and receipts of $50 for yard mowing. $22 for office supplies expense, and $9 for miscellaneous expenses. 13. Collected the amount due from the credit card company 14. Paid installers and other employees a total of $45,000 cash for salaries. 15. Collected $116,800 of accounts receivable during the year 16. Paid $9.500 of advertising expense during the year. 17. Paid $5.200 of utilities expense for the year 18. Paid a dividend of $20,000 to the shareholders. Adjustments 19. There was $250 of supplies on hand at the end of the year 20. Recognized the expired rent for both the van and the office for the year 21. Recognized the uncollectible accounts expense for the year using the allowance method 22. Accrued salanes at December 31 Year 7 were $2.100 Requirement General General Trial Balance Income Changes in Balance Statement Journal Ledger Statement SE Sheet of CF Analysis General Journal tab - Prepare the journal entries to record transactions (1) through (18). Then prepare the necessary adjusting entries (19) through (22) to correctly report net income for the period. Then record the closing entries (23) through (25) as of December 31, Year 7 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' Foult tab Prepare the statement of changes in stockholders' equity for the was $250 of supplies on hand at the end of the year 20. Recognized the expired rent for both the van and the office for the year. 21. Recognized the uncollectible accounts expense for the year using the allowance method 22. Accrued salaries at December 31, Year 7 were $2,100. General Requirement General Income Trial Balance Changes in Balance Journal Statement Ledger Statement SE Sheet of CF Analysis General Journal tab - Prepare the journal entries to record transactions (1) through (18). Then prepare the necessary adjusting entries (19) through (22) to correctly report net income for the period. Then record the closing entries (23) through (25) as of December 31, Year 7. 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 7 Balance Sheet tab - Prepare a classified Balance Sheet at December 31, Year 7. statement of cash flows - Prepare the statement of cash flow for year ended December 31, Year 7. Analysis tab. Use a horizontal statements model to show how each transaction affects the balance sheet income statement, and statement of cash flows. General Journal > ir ve Problem Part 7 Saved income statement For the Year Ended December 31: Year? Revenues Total Revenues Expenses Total Expenses Prev 1 of 1 0 EV de 3 View transaction list Journal entry worksheet Pre 1 of 1 o browser launchUrl=https%253A%252F%252Flms ve Problem Part 7 Saved Statement of Cash Flows For the Year Ended December 31, Year 7 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities Net cash flow from financing activities Ending cash balance 1 0 1 Ich o 12 Transaction Assets = Liabilities S. Equity Revenue - Expenses Net Income Flows 1 2 3. 4. 5. 6. 7 8. 9 10 11 12 13 15 16 17 18 19 20 22 Prey 1 of 1 Nex Search O i E
