Question
The trial balance of Pacilio Security Services, Inc. as of January 1, Year 1, was as follows: Cash $ 8 , 500 Land $4 ,
The trial balance of Pacilio Security Services, Inc. as of January 1, Year 1, was as follows:
Cash | $8,500 |
Land | $4,000 |
Notes Payable | $5,000 |
Common Stock | $6,000 |
Retained Earnings | $1,500 |
During Year 1, Pacilio Security Services experienced the following transactions:
Cash | $8,500 |
Land | $4,000 |
Notes Payable | $5,000 |
Common Stock | $6,000 |
Retained Earnings | $1,500 |
During Year 1, Pacilio Security Services experienced the following transactions:
Information for Adjustments
A. Record the above transactions in an accounting equation. Provide the appropriate account titles for the amounts shown in the Retained Earnings column.
Notes:
Pacilio Security Services, Inc. | |||||||||||||||||||||||
Event |
| Cash | + | Acct. Rec. | + | Supp. | + | Pp. Rent | + | Land | = | Accts. Pay | + | Sal. Pay. | + | Unear. Rev. | + | Notes Pay. | + | Com. Stock | + | Ret. Earn. | Acct. Titles |
B. Bal. |
| 8,500 | + | NA | + | NA | + | NA | + | 4,000 | = | NA | + | NA | + | NA | + | 5,000 | + | 6,000 | + | 1,500 |
|
B. Prepare the following for Year 1:
Information for Adjustments
A. Record the above transactions in an accounting equation. Provide the appropriate account titles for the amounts shown in the Retained Earnings
Pacilio Security Services, Inc. | |||||||||||||||||||||||
Event |
| Cash | + | Acct. Rec. | + | Supp. | + | Pp. Rent | + | Land | = | Accts. Pay | + | Sal. Pay. | + | Unear. Rev. | + | Notes Pay. | + | Com. Stock | + | Ret. Earn. | Acct. Titles |
B. Bal. |
| 8,500 | + | NA | + | NA | + | NA | + | 4,000 | = | NA | + | NA | + | NA | + | 5,000 | + | 6,000 | + | 1,500 |
|
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