please help with general journal entry number 7, 10, and 26 as it says the debit and credit amounts are wrong!
The trial balance of Pacilio Security Services, Inc. as of January 1, Year 5, had the following normal balances Cash Accounts receivable Supplies Prepaid rent Merchandise inventory (9 $240) Land Accounts payable Salaries payable Common stock Retained earnings $62, 860 20,300 150 2.000 2,160 4,000 980 1,500 50,000 39,190 During Year 5. Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 4 2. On January 15, purchased 20 standard alarm systems for cash at a cost of $250 each 3. On February 1, paid the accounts payable of $980, but not within the discount period. (The company uses the gross method.) 4. On March 1, leased a business van. Paid $4,800 for one year's lease in advance 5. Paid $7.200 on May 1 for one year's rent on the office in advance. 6. Purchased with cash $500 of supplies to be used over the next several months by the business 7 Purchased with cash another 25 alarm systems on August 1 for resale at a cost of $260 each 8. On September 5. purchased on account 30 standard alarm systems at a cost of $265 9. Installed 60 standard alarm systems for $33,000. Sales of $22,000 were on account, while $11.000 were cash sales. 10. Record the cost of goods sold related to the sale from Event 9 using the perpetual FIFO method. 11. Modo a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of revenue, 12. Made a full rotund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of cost. 13. Pald installers and other employees a total of $21,000 cash for salaries 14. Sold $45,000 of monitoring services during the year. The services are billed to the customers oach month 15. Sold an additional monitoring service for $1.200 for one year's service. The customer paid the full amount of $1200 on October 1 16. Collected $74,000 of accounts receivable during the year 17. Pald an additional $6,000 to settle some of the accounts payable 18. Paid $3,500 of advertising expense during the year 19. Paid $2.320 of utilities expense for the year. 20. Pald a dividend of $15,000 to the shareholders Adjustments 21. There was $200 of supplies on hand at the end of the year 22. Recognized the expired rent from the prior year, van and office building for the year 23. Recognized the revenue earned from transaction 15. 24. Accrued salaries at December 31, Year 5, were $1000. Requirem.. General Journal General Ledger Trial Balance Income Changes in Statement SE Balance Sheet Statement of CF Analysis General Journal tab. Prepare the journal entries to record transactions (1) through (20). Then prepare the necessary adjusting entries (21) through (24) to correctly report net income for the period. Then record the closing entries (25) through (27) as of December 31, Year 5. 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 5 Balance Sheet tab. Prepare a classified Balance Sheet at December 31, Year 5. Statement of cash flows. Prepare the statement of cash flow for year ended December 31, Year 5. 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 > View transaction list View journal entry worksheet No Dato General Journal Credit Dobit 1,500 1 Jan 01 Salarles payable Cash 1,500 2 2 Jan 15 5,000 Merchandise inventory Cash 5,000 GB Feb 01 980 Accounts payable Cash 980 4 Mar 01 4.800 Prepaid rent Cash 4,800 N 5 May 01 Prepaid rent 7,200 Cash 7,200 on May 01 500 Supplies Cash 500 7 Aug 01 5,200 Merchandise inventory Cash 5.200 8 Sep 05 7,950 Merchandise inventory Accounts payable 7,950 9 Dec 31 Accounts receivable Cash Interest revenue 22.000 11,000 33,000 10 Dec 31 15,275 Cost of goods sold Merchandise inventory 15,275 11 Dec 31 550 Interest revenue Cash 550 550 11 Dec 31 Interest revenue Cash 550 12 Dec 31 260 Merchandise inventory Cost of goods sold 260 13 Dec 31 21,000 Salaries expense Cash 21,000 14 Dec 31 45,000 Accounts receivable Monitoring service revenue 45,000 15 Oct 01 1,200 Cash Unearned revenue 1,200 16 Dec 31 74,000 Cash Accounts receivable 74,000 17 Dec 31 6,000 Accounts payable Cash 6.000 IN 18 Dec 31 3,500 Advertising expense Cash 3,500 19 Dec 31 2,320 Us expense Cash 2,320 2 20 Dec 31 15,000 Dividends Cash 15,000 21 Dec 31 450 Supplies expense Supplies 450 22 Dec 31 10,800 Rent expense Prepaid rent 10.800 23 Dec 31 300 Unearned revenue Monitoring service revenue 300 MA RAMAR An 19 Dec 31 2,320 Utilities expense Cash 2,320 20 Dec 31 Dividends Cash 15,000 15,000 21 Dec 31 450 Supplies expenso Supplies 450 7 22 Dec 31 10.800 Rent expense Prepaid rent 10.800 23 Dec 31 300 Unearned revenue Monitoring service revenue 300 2 24 Dec 31 1.000 Salaries oxponso Salarios payable 1,000 25 Dec 31 Interest receivablo Monitoring service revenue Retained earnings 32,450 45,300 77,750 26 Dec 31 54,085 Retained earnings Cost of goods sold Salarios expenso Rent expense Advertising expense Ulities expense Supplies expense 15,015 22.000 10,800 3,500 2,320 450 27 Dec 31 15,000 Retained earings Dividends 15,000
