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The trial balance of Pacilio Security Services, Inc. as of January 1, Year 6, had the following normal balances: $74,210 13,500 200 Cash Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (24 @ $265; 1 @ $260) Land Accounts Payable Unearned Revenue Salaries Payable Common Stock Retained Earnings 3,200 6,620 4,000 1,950 900 1,000 50,000 47,880 During Year 6, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 5. 2. On March 1, Year 6, Pacilio established a $100 petty cash fund to handle small expenditures. 3. Paid $4,800 on March 1, Year 6, for a one-year lease on the company van in advance. 4. Paid $7,200 on May 2, Year 6, for one year's office rent in advance. 5. Purchased $400 of supplies on account. 6. Purchased 100 alarm systems for $28,000 cash during the year. 7. Sold 102 alarm systems for $57,120. All sales were on account. 8. Record the cost of goods sold related to the sale from Event 7 using the FIFO method. 9. Paid $2,100 on accounts payable during the year. 0. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receints: office supplies expense, $23; cutting grass, $55; and miscellaneous expense, $14.

The trial balance of Pacilio Security Services, Inc. as of January 1, Year 6, had the following normal balances: $74,210 13,500 200 Cash Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (24 @ $265; 1 @ $260) Land Accounts Payable Unearned Revenue Salaries Payable Common Stock Retained Earnings 3,200 6,620 4,000 1,950 900 1,000 50,000 47,880 During Year 6, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 5. 2. On March 1, Year 6, Pacilio established a $100 petty cash fund to handle small expenditures. 3. Paid $4,800 on March 1, Year 6, for a one-year lease on the company van in advance. 4. Paid $7,200 on May 2, Year 6, for one year's office rent in advance. 5. Purchased $400 of supplies on account. 6. Purchased 100 alarm systems for $28,000 cash during the year. 7. Sold 102 alarm systems for $57,120. All sales were on account. 8. Record the cost of goods sold related to the sale from Event 7 using the FIFO method. 9. Paid $2,100 on accounts payable during the year. 0. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receints: office supplies expense, $23; cutting grass, $55; and miscellaneous expense, $14.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
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Adjustment 17. There was $160 of supplies on hand at the end of the year, 18. Recognized the expired rent for both the van and the office building for the year. (The rent for both the van and the office remained the same for Year 5 and Year 6.) 19. Recognized the balance of the revenue earned in Year 6 where cash had been collected in Year 5. O. Accrued salaries at December 31, Year 6, were $1,400. ed The following information is available for the bank reconciliation: (1) Checks written but not paid by the bank, $8,350. (2) A deposit of $6,500 made on December 31, Year 6, had been recorded but was not shown on the bank statement. (3) A debit memo for $55 for a new supply of checks. (Hint: Use Office Supplies Expense account.) (4) A credit memo for $30 for interest earned on the checking account. (5) An NSF check for $12O. (6) The balance shown on the bank statement was $80,822. General Journal General Income Changes in Balance Statement Requirement Trial Balance BRS Analysis Ledger Statement SE Sheet of CF Prepare a bank reconciliation at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) Pacilio Security Services Bank Reconciliation December 31, Year 6 Unadjusted Bank Balance, 12/31/Year 6 True Cash Balance, 12/31/Year 6 Unadjusted Book Balance, 12/31/Year 6 $ True Cash Balance, 12/31/Year 6
Transcribed Image Text:Adjustment 17. There was $160 of supplies on hand at the end of the year, 18. Recognized the expired rent for both the van and the office building for the year. (The rent for both the van and the office remained the same for Year 5 and Year 6.) 19. Recognized the balance of the revenue earned in Year 6 where cash had been collected in Year 5. O. Accrued salaries at December 31, Year 6, were $1,400. ed The following information is available for the bank reconciliation: (1) Checks written but not paid by the bank, $8,350. (2) A deposit of $6,500 made on December 31, Year 6, had been recorded but was not shown on the bank statement. (3) A debit memo for $55 for a new supply of checks. (Hint: Use Office Supplies Expense account.) (4) A credit memo for $30 for interest earned on the checking account. (5) An NSF check for $12O. (6) The balance shown on the bank statement was $80,822. General Journal General Income Changes in Balance Statement Requirement Trial Balance BRS Analysis Ledger Statement SE Sheet of CF Prepare a bank reconciliation at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) Pacilio Security Services Bank Reconciliation December 31, Year 6 Unadjusted Bank Balance, 12/31/Year 6 True Cash Balance, 12/31/Year 6 Unadjusted Book Balance, 12/31/Year 6 $ True Cash Balance, 12/31/Year 6
The trial balance of Pacilio Security Services, Inc. as of January 1, Year 6, had the following normal balances: Cash Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (24 @ $265; 1 @ $260) $74,210 13,500 200 3,200 6,620 4,000 1,950 900 Land Accounts Payable Unearned Revenue Salaries Payable Common Stock Retained Earnings 1,000 50,000 47,880 During Year 6, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 5. 2. On March 1, Year 6, Pacilio established a $100 petty cash fund to handle small expenditures. 3. Paid $4,800 on March 1, Year 6, for a one-year lease on the company van in advance. 4. Paid $7,200 on May 2, Year 6, for one year's office rent in advance. 5. Purchased $400 of supplies on account. 6. Purchased 100 alarm systems for $28,000 cash during the year. 7. Sold 102 alarm systems for $57,120. All sales were on account. 8. Record the cost of goods sold related to the sale from Event 7 using the FIFO method. 9. Paid $2,100 on accounts payable during the year. 0. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receipts: office supplies expense, $23; cutting grass, $55; and miscellaneous expense, $14. 11. Billed $52,000 of monitoring services for the year. 12. Paid installers and other employees a total of $25,000 cash for salaries. 13. Collected $89,300 of accounts receivable during the year. 14. Paid $3,600 of advertising expense during the year. 15. Paid $2,500 of utilities expense for the year. 16. Paid a dividend of $10,000 to the shareholders.
Transcribed Image Text:The trial balance of Pacilio Security Services, Inc. as of January 1, Year 6, had the following normal balances: Cash Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (24 @ $265; 1 @ $260) $74,210 13,500 200 3,200 6,620 4,000 1,950 900 Land Accounts Payable Unearned Revenue Salaries Payable Common Stock Retained Earnings 1,000 50,000 47,880 During Year 6, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 5. 2. On March 1, Year 6, Pacilio established a $100 petty cash fund to handle small expenditures. 3. Paid $4,800 on March 1, Year 6, for a one-year lease on the company van in advance. 4. Paid $7,200 on May 2, Year 6, for one year's office rent in advance. 5. Purchased $400 of supplies on account. 6. Purchased 100 alarm systems for $28,000 cash during the year. 7. Sold 102 alarm systems for $57,120. All sales were on account. 8. Record the cost of goods sold related to the sale from Event 7 using the FIFO method. 9. Paid $2,100 on accounts payable during the year. 0. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receipts: office supplies expense, $23; cutting grass, $55; and miscellaneous expense, $14. 11. Billed $52,000 of monitoring services for the year. 12. Paid installers and other employees a total of $25,000 cash for salaries. 13. Collected $89,300 of accounts receivable during the year. 14. Paid $3,600 of advertising expense during the year. 15. Paid $2,500 of utilities expense for the year. 16. Paid a dividend of $10,000 to the shareholders.
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