Need help with closing journal entries as depicted, as well as correcting the analysis sheet shown in last image (incorrect answers shown with a red x). Thank you.
The trial balance of Pacillo Security Services, Inc. as of January 1, Year 7 had the following normal balances: Cash $78,972 100 33,440 160 3,200 ,448 4,000 250 1,480 50,000 Petty Cash Accounts Receivable Supplies Prepaid Rent Herchandise Inventory (23 @ $280) Land Accounts Payable Salaries Payable Common Stock Retained Earnings During Year 7 Pacilio Security Services experienced the following transactions: 1. Paid the salarles 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. Pald $8.400 on May 2. Year 7, for one years 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. Pacililo 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. Pacillo 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. Paclio has learned that these customers have either declared bankruptcy or moved and left no forwarding address. These uncollectible accounts amount to S1.900 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 10. Paid the balance of the accounts payable Pacillo began accepting credit cards for some of its monitoring service sales. The credit card company charges a fee of 4 percent Prey 1 of 1 Next > e here to search ip ter 7 Homework Saved 6. Pacillo has noticed its accounts recelvable 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. 10. Pald the balance of the accounts payable. 11. Pacilio began accepting credit cards for some of its monitoring service sales. The credit card company charges a fee of 4 percent. eBook Ask ferences Total monitoring services for the year were $68.000. Pacilio accepted credit cards for $24,000 of this amount. The other $44,000 was sales on account 12. On July 1. Year 7, Pacillo replenished the petty cash fund. 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 salaries at December 31, Year 7 were $2,100 GeneralGenera Trial Balance Statement JournalLedger Income Changes in Balance Statement Analysis SE Sheet of CF ype here to search View transaction list Journal entry worksheet 18 19 Record the closing entry for the revenue accounts. nces Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Clear entry View general journal Record entry Prex 1 of 1 Next Journal entry worksheet 18 25 Record the closing entry for the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Prev 1of 1 Next ere to search ssets = Liabilities + Revenue Expenses Cash Flows 12 13 14 Prev 1 of 1 Next
