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Required: Prepare the journal entries to record transactions ( 1 ) through ( 1 6 ) . Then prepare the necessary adjusting entries ( 1
Required:
Prepare the journal entries to record transactions through Then prepare the necessary adjusting entries through to correctly report net income for the period.
Post each journal entry to Taccounts in the general ledger.
Prepare a trial balance.
Prepare a multiplestep income statement for the year ended December
Prepare the statement of changes in stockholders' equity for the year ended December
Prepare a balance sheet at December
Prepare the statement of cash flows for year ended December
Record the closing entries as of December in the general journal.
Post each closing entry to Taccounts in the general ledger.
Prepare a postclosing trial balance.
Question
pts
Chapter Comprehensive
Problem
The trial balance of Pacilio Security Services Inc. as of January had the following normal balances:
Cash
$
Accounts Receivable
Supplies
Prepaid Rent
Land
Unearned Revenue
Salaries Payable
Common Stock
Retained Earnings
In Pacilio Security Services decided to expand its business to sell security systems and offer 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
Paid the salaries payable from
Acquired an additional $ cash from the issue of common stock.
Rented a larger building on May ; paid $ for months' rent in advance.
Paid $ cash for supplies to be used over the next several months by the business.
Purchased alarm systems for resale at a cost of $ each. The
alarm systems were purchased on account with the terms
Returned three of the alarm systems that each had a cost of $
Installed alarm systems during the year at a price to customers of
$ each. The cost of these systems was $ each. Sales on account were $ and cash sales were $
Paid the installers and other employees a total of $ in salaries.
Sold $ of monitoring services for the year. The services were billed to customers.
Paid cash on accounts payable of $ less applicable discount, since the payment was made before the discount period expired. Purchase terms were
Paid cash to settle an additional $ of accounts payable after the discount period expired.
Collected $ of accounts receivable during the year.
Performed $ of security services for area events; $ was on account and $ was for cash.
Paid advertising cost of $ for the year.
Paid $ for utilities expense for the year.
Paid a dividend of $ to the shareholders.
Adjustment Information:
Supplies of $ were on hand at the end of the year.
Recognized the expired rent for the year.
Recognized the balance of the unearned revenue; cash was received in
Accrued salaries at December were $
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