The trial balance of Pacilio Security Services, Inc as of January 1, Year 8, had the following normal balances General Journal tab Prepare the journal entries to record transactions (1) through (18) Then prepare the necessary adjusting entries (19) through (23) to correctly report net income for the period Then record the closing entries (24) through (26) as of December 31, Year 8 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 8 Balance Sheet tab Prepare a classified Balance Sheet at December 31, Year 8 Statement of Cash flows Prepare the statement of cash flow for year ended December 31, Year 8 Analysis tab Use a horizontal statements model to show how each transaction affects the balance sheet, income statement, and statement of cash flows Cash $ 93,708 Petty cash 100 Accounts receivable 22,540 Allowance for doubtful accounts 1,334 Supplies 250 Prepaid rent 3,600 Merchandise inventory (18 $285) 5,130 Land 4,000 Salaries payable 2,100 Common stock 50,000 Retained earnings 75,894 During Year 8, Pacilio Security Services experienced the following transactions Paid the salaries payable from Year 7 Purchased equipment and a van for a lump sum of $36,000 cash on January 2, Year 8 The equipment was appraised for $10,000 and the van was appraised for $30,000 Paid $9,000 on May 1, Year 8, for one years office rent in advance Purchased $300 of supplies on account Purchased 120 alarm systems at a cost of $280 each Paid cash for the purchase After numerous attempts to collect from customers, wrote off $2,350 of uncollectible accounts receivable Sold 115 alarm systems for $580 each All sales were on account Record the cost of goods sold related to the sale from Event 7 using the FIFO method Billed $86,000 of monitoring services for the year Credit card sales amounted to $36,000, and the credit card company charged a 4 percent fee The remaining $50,000 were sales on account Replenished the petty cash fund on June 30 The fund had $12 cash and receipts of $45 for yard mowing, $28 for office supplies expense, and $11 for miscellaneous expenses Collected the amount due from the credit card company Paid installers and other employees a total of $52,000 cash for salaries Collected $115,500 of accounts receivable during the year Paid $12,500 of advertising expense during the year Paid $6,800 of utilities expense for the year Sold the land, which was purchased in 2011, for $12,000 Paid the accounts payable Paid a dividend of $10,000 to the shareholders Adjustments Determined that $180 of supplies were on hand at the end of the year Recognized the expired rent for both the old van and the office building for the year The lease on the van was not renewed Rent paid on March 1, Year 7, for the van was $4,800 Recognized uncollectible accounts expense for the year using the allowance method Pacilio estimates that 3 percent of sales on account will not be collected 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 Accrued salaries at December 31, Year 8, were $1,500 Record the closing entry for the revenue accounts Record the closing entry for the expense accounts Record the closing entry for dividends account Requirement General Journal General Ledger Income Trial Balance Statement changes in SE Balance Sheet Statement of CF Analysis The ending balance values from the General Ledger tab flows through to the Trial Balance below The unadjusted, adjusted, or post closing balances will appear for each account, based on your selection Year 2018 represents Year 7 from the problem statement Adjusted Pacilio Security Services, Inc Trial Balance December 31, 2020 Account Title Credit Debit 93,708 100 22,540 1,334 Cash Petty cash Accounts receivable Allowance for doubtful accounts Merchandise inventory Supplies Prepaid rent Land Salaries payable Common stock Retained earnings Total 5,130 250 3,600 4,000 2,100 50,000 75,894 129,328 $ 129,328 $

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The trial balance of Pacilio Security Services, Inc. as of January 1, Year 8, had the following normal balances: General Journal tab - Prepare the

image text in transcribed The trial balance of Pacilio Security Services, Inc. as of January 1, Year 8, had the following normal balances:

General Journal tab - Prepare the journal entries to record transactions (1) through (18). Then prepare the necessary adjusting entries (19) through (23) to correctly report net income for the period. Then record the closing entries (24) through (26) as of December 31, Year 8.

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 8.

Balance Sheet tab - Prepare a classified Balance Sheet at December 31, Year 8.

Statement of Cash flows - Prepare the statement of cash flow for year ended December 31, Year 8.

Analysis tab - Use a horizontal statements model to show how each transaction affects the balance sheet, income statement, and statement of cash flows.


Cash	$	93,708
Petty cash		100
Accounts receivable		22,540
Allowance for doubtful accounts		1,334
Supplies		250
Prepaid rent		3,600
Merchandise inventory (18 @ $285)		5,130
Land		4,000
Salaries payable		2,100
Common stock		50,000
Retained earnings		75,894

During Year 8, Pacilio Security Services experienced the following transactions:

Paid the salaries payable from Year 7.
Purchased equipment and a van for a lump sum of $36,000 cash on January 2, Year 8. The equipment was appraised for $10,000 and the van was appraised for $30,000.
Paid $9,000 on May 1, Year 8, for one years office rent in advance.
Purchased $300 of supplies on account.
Purchased 120 alarm systems at a cost of $280 each. Paid cash for the purchase.
After numerous attempts to collect from customers, wrote off $2,350 of uncollectible accounts receivable.
Sold 115 alarm systems for $580 each. All sales were on account.
Record the cost of goods sold related to the sale from Event 7 using the FIFO method.
Billed $86,000 of monitoring services for the year. Credit card sales amounted to $36,000, and the credit card company charged a 4 percent fee. The remaining $50,000 were sales on account.
Replenished the petty cash fund on June 30. The fund had $12 cash and receipts of $45 for yard mowing, $28 for office supplies expense, and $11 for miscellaneous expenses.
Collected the amount due from the credit card company.
Paid installers and other employees a total of $52,000 cash for salaries.
Collected $115,500 of accounts receivable during the year.
Paid $12,500 of advertising expense during the year.
Paid $6,800 of utilities expense for the year.
Sold the land, which was purchased in 2011, for $12,000.
Paid the accounts payable.
Paid a dividend of $10,000 to the shareholders.

Adjustments

Determined that $180 of supplies were on hand at the end of the year.
Recognized the expired rent for both the old van and the office building for the year. The lease on the van was not renewed. Rent paid on March 1, Year 7, for the van was $4,800.
Recognized uncollectible accounts expense for the year using the allowance method. Pacilio estimates that 3 percent of sales on account will not be collected.
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.
Accrued salaries at December 31, Year 8, were $1,500.
Record the closing entry for the revenue accounts.
Record the closing entry for the expense accounts.
Record the closing entry for dividends account.

Requirement General Journal General Ledger Income Trial Balance: Statement changes in SE Balance Sheet Statement of CF Analysis The ending balance values from the General Ledger tab flows through to the Trial Balance below. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Year 2018 represents Year 7 from the problem statement. Adjusted Pacilio Security Services, Inc. Trial Balance December 31, 2020 Account Title Credit Debit 93,708 100 22,540 1,334 Cash Petty cash Accounts receivable Allowance for doubtful accounts Merchandise inventory Supplies Prepaid rent Land Salaries payable Common stock Retained earnings Total 5,130 250 3,600 4,000 2,100 50,000 75,894 129,328 $ 129,328 $