The trial balance of Pacilio Security Services, Inc. as of January 1. Year 3, had the following normal balances: -5 Cash Accounts Receivable Supplies Prepaid Rent Land Accounts Payable Unearned Revenue Salaries Payable Notes Payable Common Stock Retained Earnings 58,900 1,500 65 300 4,000 1,050 200 1,200 2,000 .000 2,815 During Year 3. Pacilo Security Services experienced the following transactions 1. Pald the salaries payable from Year 2 2. Paid the balance of $2.000 on the debt owed to the Small Business Government Agency. The loan is interest free. 3. Performed $32,000 of security services for numerous local events during the year, $21000 was on account and $11,000 was for cash 4. On May 1, paid $3,000 for 12 months rent in advance. 5. Purchased supplies on account for $700. 6. Pald salaries expense for the year of $9,000 7. Incurred other operating expenses on account, $4,200 8. On October 1. Year 3, a customer paid $1.200 for services to be provided over the next 12 months 9. Collected $19,000 of accounts receivable during the year 10. Paid $5.950 on accounts payable. 11. Paid $1,800 of advertising expenses for the year 12. Pald a cash dividend to the shareholders of $4,650 13. The market value of the land was determined to be $5.500 at December 31 Year 3. ders OT $4,650. 13. The market value of the land was determined to be $5,500 at December 31, Adjustments 14. There was $120 of supplies on hand at the end of the year. 15. Recognized the expired rent. 16. Recognized the earned revenue from Year 2 and transaction no. 8. 17. Accrued salaries were $1,000 at December 31, Year 3. Journal entry worksheet 3 4 5 20 6 7 8 Paid the balance of $2,000 on the debt owed to the Small Business Government Agency. The loan is interest-free. Note: Enter debits before credits. Date General Journal Debit Credit Feb 28 Record entry Clear entry View general journal Journal entry worksheet 2 3 Paid the salaries payable from Year 2. Note: Enter debits before credits Date General Journal Debit Credit Jan 03 Salaries payable 1.2001 Record entry Clear entry View general journal Journal entry worksheet .... On May 1, paid $3,000 for 12 months' rent in advance. Note: Enter debits before credits. General Journal Debit Credit Date May 01 Record entry Clear entry View general Journal Pald salaries expense for the year of $9,000. Note: Enter debits before credits. Date Aug 04 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet On October 1, Year 3, a customer paid $1,200 for services to be provided over the next 12 months. Note: Enter debits before credits. Date Oct 01 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet
