The Trial Balance of Pacilio Security Service Inc. as of January 1, Year 9.

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28. Recognized the employer's Social Security and Medicare payroll tax that has not been paid on $5,000 of salaries expense. Prepare the adjusting journal entry, if necessary.

29. Record the closing entry for the revenue accounts.

30. Record the closing entry for the expense accounts.

31. Record the closing entry for dividends account.

The trial balance of Pacilio Security Services, Inc. as of January 1, Year 9, had the following normal balances: Cash Petty cash Accounts receivable Allowance for doubtful accounts Supplies Prepaid rent Merchandise inventory (23 @ $280) Equipment Van Accumulated depreciation Salaries payable Common stock Retained earnings $93,380 100 21,390 2,485 180 3,000 6,440 9,000 27,000 14,900 1,500 50,000 91,605 During Year 9, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 8. 2. Paid $9,000 on May 2, Year 9, for one year's office rent in advance. 3. Purchased $425 of supplies on account. 4. Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase.. 5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable. 6. Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. (Be sure to compute cost of goods sold using the FIFO cost flow method.) 7. Record the cost of goods sold related to the sale from Event 6 using the FIFO method. 8. Billed $107,000 of monitoring services for the year. Credit card sales amounted to $42,000, and the credit card company charged a 4 percent fee. The remaining $65,000 were sales on account. Sales tax is not charged on this service. 9. Replenished the petty cash fund on June 30. The fund had $5 cash and has receipts of $60 for yard mowing, $15 for office supplies expense, and $17 for miscellaneous expenses. 10. Collected the amount due from the credit card company 11. Paid the sales tax collected on $69,600 of the alarm sales. 12. Paid installers and other employees a total of $65,000 for salaries for the year. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal income taxes withheld amounted to $7,500. Cash was paid for the net amount of salaries due. 13. Pacilio now offers a one-year warranty on its alarm systems. Paid $1,950 in warranty repairs during the year. 14. On September 1, borrowed $12,000 from State Bank. The note had an 8 percent interest rate and a one-year term to maturity. 15. Collected $136,100 of accounts receivable during the year. 16. Paid $15,000 of advertising expense during the year. 17. Paid $7,200 of utilities expense for the year. 18. Paid $7,000 of the Federal Income Tax Payable, $3,600 of the FICA Tax Soc. Sec. Tax Payable and $900 of the FICA Tax - Medicare Tax Payable. Also, paid the Payroll Tax Expense for the 7.5% employer matching of FICA taxes on $60,000 of salaries. 19. Paid the accounts payable. 20. Paid a dividend of $10,000 to the shareholders. Adjustments 20. There was $165 of supplies on hand at the end of the year. 21. Recognized the expired rent for the office building for the year. 22. Recognized uncollectible accounts expense for the year using the allowance method. The company revised its estimate of uncollectible accounts based on prior years' experience. This year, Pacilio estimates that 2.75 percent of sales on account will not be collected. 23. 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. (A full year's depreciation was taken in Year 8, the year of acquisition.) 24. The alarm systems sold in transaction 6 were covered with a one-year warranty. Pacilio estimated that the warranty cost would be 3 percent of alarm sales. 25. Recognized the accrued interest on the note payable at December 31, Year 9. 26. The unemployment tax on salaries has not been paid. Recorded the accrued unemployment tax on the salaries for the year. The unemployment tax rate is 4.5 percent. ($14,000 of salaries is subject to this tax.) 27. Recognized the employer Social Security and Medicare payroll tax that has not been paid on $5,000 of salaries expense. Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Balance Sheet Statement of CF Analysis Requirement General Journal General Ledger Trial Balance Income Statement Changes in 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 (28) to correctly report net income for the period. Then record the closing entries (29) through (31) as of December 31, Year 9. 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 9. Balance Sheet tab - Prepare a classified Balance Sheet at December 31, Year 9. Statement of Cash flows - Prepare the statement of cash flow for year ended December 31, Year 9. Analysis tab - Use a horizontal statements model to show how each transaction affects the balance sheet, income statement, and statement of cash flows. Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Balance Sheet Statement of CF Analysis Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. However, you will need to calculate and enter the amount of the net income or loss for the period. Unadjusted Pacilio Security Services, Inc. Income Statement For the Year Ended December 31, Year 9 Revenues Total Revenues Cost of goods sold (37,470) (37,470) Expenses Total Operating Expenses Net Operating Income Non-Operating Items (37,470) Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Balance Sheet Statement of CF Analysis Prepare the statement of changes in stockholders' equity for the year ended December 31, Year 9. You will need to determine and enter the accounts and balances to prepare the Statement of Changes in Stockholders' Equity. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Pacilio Security Services, Inc. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 9 Beginning Common Stock Add: Common stock issued Ending Common Stock Beginning Retained Earnings 0 Ending Retained Earnings Total Stockholders' Equity 91,605 91,605 $ Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Balance Sheet Statement of CF Analysis The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Choose the appropriate accounts to be reported on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. (Enter the balance sheet items in the order of liquidity.) Show less Unadjusted Pacilio Security Services, Inc. Balance Sheet At December 31, Year 9 Assets 0 0 Liabilities $ 0 Stockholders' Equity 0 Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Balance Sheet Statement of CF Analysis Prepare the statement of cash flow for year ended December 31, Year 9. (Amounts to be deducted should be indicated with a minus sign.) Pacilio Security Services, Inc. Statement of Cash Flows For the Year Ended December 31, Year 9 Cash flows from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Ending cash balance $ 0 Indicate whether the transaction increases (+), decreases (-), or increases and decreases (+/-) for each element of the financial statements. Also, in the Cash Flow column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity. The first transaction is recorded as an example. Pacilio Security Services, Inc. Effect of Transactions on Financial Statements - Year 9 Balance Sheet Income Statement Net Liabilities S. Equity Revenue Expenses Income Statement of Cash Flows Assets Transaction 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14 15. 16. 17. 18. 19. 20. 21. 22 23. 24. 25. 26. 27. 28. The trial balance of Pacilio Security Services, Inc. as of January 1, Year 9, had the following normal balances: Cash Petty cash Accounts receivable Allowance for doubtful accounts Supplies Prepaid rent Merchandise inventory (23 @ $280) Equipment Van Accumulated depreciation Salaries payable Common stock Retained earnings $93,380 100 21,390 2,485 180 3,000 6,440 9,000 27,000 14,900 1,500 50,000 91,605 During Year 9, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 8. 2. Paid $9,000 on May 2, Year 9, for one year's office rent in advance. 3. Purchased $425 of supplies on account. 4. Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase.. 5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable. 6. Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. (Be sure to compute cost of goods sold using the FIFO cost flow method.) 7. Record the cost of goods sold related to the sale from Event 6 using the FIFO method. 8. Billed $107,000 of monitoring services for the year. Credit card sales amounted to $42,000, and the credit card company charged a 4 percent fee. The remaining $65,000 were sales on account. Sales tax is not charged on this service. 9. Replenished the petty cash fund on June 30. The fund had $5 cash and has receipts of $60 for yard mowing, $15 for office supplies expense, and $17 for miscellaneous expenses. 10. Collected the amount due from the credit card company 11. Paid the sales tax collected on $69,600 of the alarm sales. 12. Paid installers and other employees a total of $65,000 for salaries for the year. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal income taxes withheld amounted to $7,500. Cash was paid for the net amount of salaries due. 13. Pacilio now offers a one-year warranty on its alarm systems. Paid $1,950 in warranty repairs during the year. 14. On September 1, borrowed $12,000 from State Bank. The note had an 8 percent interest rate and a one-year term to maturity. 15. Collected $136,100 of accounts receivable during the year. 16. Paid $15,000 of advertising expense during the year. 17. Paid $7,200 of utilities expense for the year. 18. Paid $7,000 of the Federal Income Tax Payable, $3,600 of the FICA Tax Soc. Sec. Tax Payable and $900 of the FICA Tax - Medicare Tax Payable. Also, paid the Payroll Tax Expense for the 7.5% employer matching of FICA taxes on $60,000 of salaries. 19. Paid the accounts payable. 20. Paid a dividend of $10,000 to the shareholders. Adjustments 20. There was $165 of supplies on hand at the end of the year. 21. Recognized the expired rent for the office building for the year. 22. Recognized uncollectible accounts expense for the year using the allowance method. The company revised its estimate of uncollectible accounts based on prior years' experience. This year, Pacilio estimates that 2.75 percent of sales on account will not be collected. 23. 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. (A full year's depreciation was taken in Year 8, the year of acquisition.) 24. The alarm systems sold in transaction 6 were covered with a one-year warranty. Pacilio estimated that the warranty cost would be 3 percent of alarm sales. 25. Recognized the accrued interest on the note payable at December 31, Year 9. 26. The unemployment tax on salaries has not been paid. Recorded the accrued unemployment tax on the salaries for the year. The unemployment tax rate is 4.5 percent. ($14,000 of salaries is subject to this tax.) 27. Recognized the employer Social Security and Medicare payroll tax that has not been paid on $5,000 of salaries expense. Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Balance Sheet Statement of CF Analysis Requirement General Journal General Ledger Trial Balance Income Statement Changes in 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 (28) to correctly report net income for the period. Then record the closing entries (29) through (31) as of December 31, Year 9. 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 9. Balance Sheet tab - Prepare a classified Balance Sheet at December 31, Year 9. Statement of Cash flows - Prepare the statement of cash flow for year ended December 31, Year 9. Analysis tab - Use a horizontal statements model to show how each transaction affects the balance sheet, income statement, and statement of cash flows. Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Balance Sheet Statement of CF Analysis Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. However, you will need to calculate and enter the amount of the net income or loss for the period. Unadjusted Pacilio Security Services, Inc. Income Statement For the Year Ended December 31, Year 9 Revenues Total Revenues Cost of goods sold (37,470) (37,470) Expenses Total Operating Expenses Net Operating Income Non-Operating Items (37,470) Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Balance Sheet Statement of CF Analysis Prepare the statement of changes in stockholders' equity for the year ended December 31, Year 9. You will need to determine and enter the accounts and balances to prepare the Statement of Changes in Stockholders' Equity. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Pacilio Security Services, Inc. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 9 Beginning Common Stock Add: Common stock issued Ending Common Stock Beginning Retained Earnings 0 Ending Retained Earnings Total Stockholders' Equity 91,605 91,605 $ Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Balance Sheet Statement of CF Analysis The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Choose the appropriate accounts to be reported on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. (Enter the balance sheet items in the order of liquidity.) Show less Unadjusted Pacilio Security Services, Inc. Balance Sheet At December 31, Year 9 Assets 0 0 Liabilities $ 0 Stockholders' Equity 0 Requirement General Journal General Ledger Trial Balance Income Statement Changes in SE Balance Sheet Statement of CF Analysis Prepare the statement of cash flow for year ended December 31, Year 9. (Amounts to be deducted should be indicated with a minus sign.) Pacilio Security Services, Inc. Statement of Cash Flows For the Year Ended December 31, Year 9 Cash flows from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Ending cash balance $ 0 Indicate whether the transaction increases (+), decreases (-), or increases and decreases (+/-) for each element of the financial statements. Also, in the Cash Flow column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity. The first transaction is recorded as an example. Pacilio Security Services, Inc. Effect of Transactions on Financial Statements - Year 9 Balance Sheet Income Statement Net Liabilities S. Equity Revenue Expenses Income Statement of Cash Flows Assets Transaction 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14 15. 16. 17. 18. 19. 20. 21. 22 23. 24. 25. 26. 27. 28