The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 8, had the following normal balances: 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. The office rent expense will have two pieces. On May 2, Year 7, Pacilio paid $8,400 for one year's office rent in advance. You will incude the portion expired in Year 8 from the prior year's advance payment as well as the portion paid in advance in Year 8 in transaction 3. Recognized uncollectible accounts expense for the year using the allowance method. Pacilio estimates that 3 percent of sales on account will not be collected. As a note, this includes credit sales for Pacilio and excludes credit card sales as credit cards have a separate receivable that will be quickly converted to cash from the credit card company. 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. 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. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)