Prepare the journal entries to record transactions $(1)$ through $(16).$ Then prepare the necessary adjusting entries $(17)$ through $(20)$ to correctly report net income for the period.

Post each journal entry to T$-$accounts in the general ledger.

Prepare a trial balance.

Prepare a multiple$-$step income statement for the year ended December $31,2014.$

Prepare the statement of changes in stockholders$$ equity for the year ended December $31,2014.$

Prepare a balance sheet at December $31,2014.$

Prepare the statement of cash flows for year ended December $31,2014.$

Record the closing entries as of December $31,2014,$ in the general journal.

Post each closing entry to T$-$accounts in the general ledger.

Prepare a post$-$closing trial balance. Chapter $4$ Comprehensive Problem

The trial balance of Pacilio Security Services Inc. as of January $1,2014,$ had the following normal balances:

Cash $$13,200$

Accounts Receivable $3,120$

Supplies $440$

Prepaid Rent $1,160$

Land $4,040$

Unearned Revenue $1,000$

Salaries Payable $1,160$

Common Stock $7,920$

Retained Earnings $11,880$

In $2014,$ Pacilio Security Services decided to expand its business to sell security systems and offer $24-$hour alarm monitoring services. It plans to phase out its current service of providing security personnel at various events. The following summary transactions occurred during $2014.$

$1.$ Paid the salaries payable from $2013.$

$2.$ Acquired an additional $$9,400$ cash from the issue of common stock.

$3.$ Rented a larger building on June $1$; paid $$26,300$ for $12$ months$$ rent in advance.

$4.$ Paid $$800$ cash for supplies to be used over the next several months by the business.

$5.$ Purchased $60$ alarm systems for resale at a cost of $$300$ each. The alarm systems were purchased on account with the terms $2/20,$ n$/30.$

$6.$ Returned three of the alarm systems that each had a cost of $$300.$

$7.$ Installed $48$ alarm systems during the year at a price to customers of $$450$ each. The cost of these systems was $$300$ each. Sales on account were $$16,200,$ and cash sales were $$5,400.$

$8.$ Paid the installers and other employees a total of $$8,200$ in salaries.

$9.$ Sold $$43,000$ of monitoring services for the year. The services were billed to customers.

$10.$ Paid cash on accounts payable of $$10,800$ less applicable discount, since the payment was made before the discount period expired. Purchase terms were $2/20,$ n$/30.$

$11.$ Paid cash to settle an additional $$3,600$ of accounts payable after the discount period expired.

$12.$ Collected $$47,000$ of accounts receivable during the year.

$13.$ Performed $$13,700$ of security services for area events; $$8,220$ was on account and $$5,480$ was for cash.

$14.$ Paid advertising cost of $$1,800$ for the year.

$15.$ Paid $$1,100$ for utilities expense for the year.

$16.$ Paid a dividend of $$10,500$ to the shareholders.

Adjustment Information:

$17.$ Supplies of $$200$ were on hand at the end of the year.

$18.$ Recognized the expired rent for the year.

$19.$ Recognized the balance of the unearned revenue; cash was received in $2013.$

$20.$ Accrued salaries at December $31,2014,$ were $$1,700.$