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The account balances of Pacilio Security Services, Inc. as of January 1 , Year 6 , are shown here: Cash $ 7 4 , 2
The account balances of Pacilio Security Services, Inc. as of January Year are shown here: Cash $ Accounts Receivable Supplies Prepaid Rent Merchandise Inventory @ $; @ $ Land Accounts Payable Unearned Revenue Salaries Payable Common Stock Retained Earnings During Year Pacilio Security Services experienced the following transactions: Paid the salaries payable from Year On March Year Pacilio established a $ petty cash fund to handle small expenditures. Paid $ on March Year for a oneyear lease on the company van in advance. Paid $ on May Year for one year's office rent in advance. Purchased $ of supplies on account. Purchased alarm systems for $ cash during the year. Sold alarm systems for $ All sales were on account. Compute cost of goods sold using the FIFO cost flow method. Paid $ on accounts payable during the year. Replenished the petty cash fund on August At this time, the petty cash fund had only $ of currency left. It contained the following receipts: office supplies expense, $; cutting grass, $; and miscellaneous expense, $ Billed $ of monitoring services for the year. Paid installers and other employees a total of $ cash for salaries. Collected $ of accounts receivable during the year. Paid $ of advertising expense during the year. Paid $ of utilities expense for the year. Paid a dividend of $ to the shareholders. Adjustments There was $ of supplies on hand at the end of the year. Recognized the expired rent for both the van and the office building for the year. The rent for both the van and the office remained the same for Year and Year Recognized the balance of the revenue earned in Year where cash had been collected in Year Accrued salaries at December Year were $ Special Instructions for Year a Record the above transactions in general journal form. b Post the transactions to the Taccounts. Prepare a bank reconciliation at the end of the year. The following information is available for the bank reconciliation: Checks written but not paid by the bank, $ A deposit of $ made on December Year had been recorded but was not shown on the bank statement. A debit memo for $ for a new supply of checks. Hint: Use Office Supplies Expense account. A credit memo for $ for interest earned on the checking account. An NSF check for $ The balance shown on the bank statement was $ d Record and post any adjustments necessary from the bank reconciliation. e Prepare a trial balance. f Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows. gClose the temporary accounts to retained earnings. h Post the closing entries to the Taccounts and prepare a postclosing trial balance. Create journal entries, taccounts, trial balance, income statement, statement of changes in stockholders equity, balance sheet, unadjusted and adjusted trial balance, closing entries, and post closing trial balance.
The account balances of Pacilio Security Services, Inc. as of January Year are shown here:
Cash $
Accounts Receivable
Supplies
Prepaid Rent
Merchandise Inventory @ $; @ $
Land
Accounts Payable
Unearned Revenue
Salaries Payable
Common Stock
Retained Earnings
During Year Pacilio Security Services experienced the following transactions:
Paid the salaries payable from Year
On March Year Pacilio established a $ petty cash fund to handle small expenditures.
Paid $ on March Year for a oneyear lease on the company van in advance.
Paid $ on May Year for one year's office rent in advance.
Purchased $ of supplies on account.
Purchased alarm systems for $ cash during the year.
Sold alarm systems for $ All sales were on account. Compute cost of goods sold using the FIFO cost flow method.
Paid $ on accounts payable during the year.
Replenished the petty cash fund on August At this time, the petty cash fund had only $ of currency left. It contained the following receipts: office supplies expense, $; cutting grass, $; and miscellaneous expense, $
Billed $ of monitoring services for the year.
Paid installers and other employees a total of $ cash for salaries.
Collected $ of accounts receivable during the year.
Paid $ of advertising expense during the year.
Paid $ of utilities expense for the year.
Paid a dividend of $ to the shareholders.
Adjustments
There was $ of supplies on hand at the end of the year.
Recognized the expired rent for both the van and the office building for the year. The rent for both the van and the office remained the same for Year and Year
Recognized the balance of the revenue earned in Year where cash had been collected in Year
Accrued salaries at December Year were $
Special Instructions for Year
a Record the above transactions in general journal form.
b Post the transactions to the Taccounts.
Prepare a bank reconciliation at the end of the year. The following information is available for the bank reconciliation:
Checks written but not paid by the bank, $
A deposit of $ made on December Year had been recorded but was not shown on the bank statement.
A debit memo for $ for a new supply of checks. Hint: Use Office Supplies Expense account.
A credit memo for $ for interest earned on the checking account.
An NSF check for $
The balance shown on the bank statement was $
d Record and post any adjustments necessary from the bank reconciliation.
e Prepare a trial balance.
f Prepare an income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows.
gClose the temporary accounts to retained earnings.
h Post the closing entries to the Taccounts and prepare a postclosing trial balance.
Create journal entries, taccounts, trial balance, income statement, statement of changes in stockholders equity, balance sheet, unadjusted and adjusted trial balance, closing entries, and post closing trial balance.
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