Need help with requirements shown in last photo as well as journal entries for closing revenue, expense, and dividends. Thank you.
The trial balance of Pacilio Security Services, Inc. as of January 1, Year 8. had the following normal balances Cash $93,788 100 22,540 1,334 250 3,680 5,130 4,000 2,100 50,000 75,894 Petty cash Accounts receivable Allowance for doubtful accounts Supplies Prepaid rent Merchandise inventory (18 $285) Land Salaries payable Common stock Retained earnings During Year 8, Pacilio Security Services experienced the following transactions 1. Paid the salaries payable from Year 7 2 Purchased equipment and a van foralomp sum of s36,000 cash on January 2, Year 8. The equipment was appralsed for $10000 and the van was appraised for $30,000 3 Paid $9,000 on May 1. Year 8, for one year's office rent in advance 4. Purchased $300 of supplies on account. 5. Purchased 120 alarm systems at a cost of $280 each. Paid cash for the purchase 6. After numerous attempts to collect from customers, wrote off $2.350 of uncollectible accounts receivable 7. Sold 115 alarm systems for $580 each. All sales were on account. 8. 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. 10. Replenished the petty cash fund on June 0d had $12 cash and receipts of $as for vard mowing, 528 Ior o expense, and $11 for miscellaneous expenses 11. Collected the amount due from the credit card company 12. Paid installers and other employees a total of $52.000 cash for salaries 13. Collected $115,500 of accounts receivable during the year 13. Collected $115,500 of accounts receivable during the year 14. Paid $12,500 of advertising expense during the year 15. Pald $6,800 of utilities expense for the year 16. Sold the land, which was purchased in 2011, for $12.000. 17. Paid the accounts payable. 18. Pald a dividend of $10,000 to the shareholders. Adjustments 20. 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. account will not be collected. 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 es 21. Recognized uncollectible accounts expense for the year using the allowance method. Pacillo estimates that 3 percent of sales on 22. Recognized depreciation expense on the equipment and the van. The equipment has a five-year life and a $2,000 salvage value. for the equipment. 23. Accrued salarles at December 31, Year 8, were $1.500 General Trial Balance StatementS Ledger Requirement General Journal Income Changes in Balance Statement Sheet of CF Analysis General Journal tab Prepare the journal entries to record transactions (1) through (18). Then prepare the necessary adjusting entries (19) though (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 Prepare the statement of cash flow for 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
