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Comprehensive Problem Fall 2021 Seved Help Save & Exit Submit Chapter 08 (Static) Comprehensive Problem LO 8-1, 8-2, 8-3, 8-4, 8-5, 8-6, 8-7, 8-8, 8-9, 8-10, 8-11, 8-12 1 The trial balance of Pacilio Security Services, Incorporated as of January 1. Year 8 had the following normal balances: 100 points Cash Petty cash Accounts receivable Allowance for doubtful accounts Supplies Prepaid rent Merchandise inventory (18 @ $285) Land Salaries payable Common stock Retained earnings $93,708 100 22,540 1,334 250 3,600 5, 130 4,000 2,100 50,000 75,894 . eBook References During Year 8. Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 7, 2. Purchased equipment and a van for a lump sum of $36.000 cash on January 2, Year 8. The equipment was appraised for $10,000 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. 9. 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. O. Replenished the petty cash fund on June 30. The fund had $12 cash and receipts of $45 for yard mowing, $28 for office supplies expense, and $11 for miscellaneous expenses. 11. Collected the amount due from the credit card company. 2. Paid Installers and other employees a total of $52,000 cash for salaries. 13. Collected $115,500 of accounts receivable during the year. 4. Paid $12,500 of advertising expense during the year, 5. Paid $6,800 of utilities expense for the year. 6. Sold the land, which was purchased in 2011, for $12,000. 17. Paid the accounts payable 8. Paid a dividend of $10000 to the shareholders Adjustments 19. Determined that $180 of supplies were on hand at the end of the year. 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. 21. Recognized uncollectible accounts expense for the year using the allowance method. Pacilio estimates that 3 percent of sales on account will not be collected. 22. Recognized depreciation expense on the equipment and the van. The equipment has a five-year life and a $2,000 salvage value. 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 for the equipment. 23. Accrued salaries at December 31, Year 8, were $1,500. Balance Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Sheet Statement of CF Analysis General Journal tab - Prepare the journal entries to record transactions (1) through (18). Then prepare the necessary adjusting entries (19) through (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 tab - Prepare the statement of cash flows for the 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.