Question

The trial balance of Pacilio Security Services Inc. as of January 1, 2017, had the following normal balances Cash Petty Cash Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (23 @ $280) Land Accounts Payable Salaries Payable Common Stock Retained Earnings $78,972 100 33,440 160 3,200 6,440 4,000 250 1,400 50,000 74,662 During 2017 Pacilio Security Services experienced the following transactions 1. Paid the salaries payable from 2016 2. Paid $4,800 on March 1, 2017, for one years lease in advance on the company van. 3. Paid $8,400 on May 2, 2017, for one years office rent in advance. 4. Purchased $550 of supplies on account. 5. Paid cash to purchase 105 alarm systems at a cost of $285 each. 6. Pacilio has noticed its accounts receivable balance is growing more than desired and some collection problems exist. It appears that uncollectible accounts expense is approximately 3 percent of total credit sales. Pacilio has decided it will, starting this year, adopt the allowance method of accounting for uncollectible accounts. It will record an adjusting entry to recognize the estimate at the end of the year 7. In trying to collect several of its delinquent accounts, Padilio has learned that these customers have either declared bankruptcy or moved and left no forwarding address. These uncollectible accounts amount to $1,900 8. Sold 110 alarm systems for $63,800. All sales were on account. (Compute cost of goods sold using the FIFO cost flow method.) 9. Paid the balance of the accounts payable. 10.Pacilio began accepting credit cards for some of its monitoring service sales. The credit card company charges a fee of 4 porcent. Total monitoring services for the year wore $68,000. Pacilio accopted credit cards for $24,000 of this amount The other $44,000 was sales on account 11.On July 1, 2017, Pacilio replenished the petty cash fund. The fund contained $21 of currency and receipts of $50 for yard mowing, $22 for office supplies expense, and $9 for miscellaneous expenses. 12.Collected the amount due from the credit card company. 13.Paid installers and other employees a total of $45,000 cash for salaries 14.Collected $116,800 of accounts receivable during the year. 15.Paid $9,500 of advertising expense during the year 16.Paid $5,200 of utilities exponse for the year 17 Paid a dividend of $20,000 to the shareholders. Adjustments 18.There was $250 of supplies on hand at the end of the year 19.Recognized the expired rent for both the van and the office for the year 20.Recognized the uncollectible accounts expense for the year using the allowance method. 21 Accrued salaries at December 31, 2017, were $2,100
media%2Fe1b%2Fe1b0e7d0-c315-48a2-9175-cd
0 0
Add a comment Improve this question Transcribed image text
Answer #1
Pacilio Security Service Inc.
Effect of Transaction on Financial Statement 2017
Balance Sheet Income Statement Statement of cash flow
Transaction Assets Liabiliities Equity Revenue Expense Net Income
1 - - - OA
2 +/- - OA
3 +/- - OA
4 + +
5 +/- - + - - OA
6 + - + -
7 - - + -
8 +/- + + +
9 - - - OA
10 - + + + + - OA
11 - - + - - OA
12 +/- + OA
13 - - + - - OA
14 +/- + OA
15 - - + - - OA
16 - - + - - OA
17 - - + - - FA
18 + + + +
19 - - + -
20 + - + -
21 + - + -
Add a comment
Know the answer?
Add Answer to:
The trial balance of Pacilio Security Services Inc. as of January 1, 2017, had the following...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • The trial balance of Pacilio Security Services, Inc. as of January 1, Year 6, had the...

    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) Land Accounts Payable Unearned Revenue Salaries Payable Common Stock Retained Earnings $ 74,210 13,500 200 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,...

  • The trial balance of Pacilio Security Services, Inc. as of January 1, Year 5, had the following n...

    The trial balance of Pacilio Security Services, Inc. as of January 1, Year 5 , had the following normal balances:During Year 5, Pacilio Security Services experienced the following transactions:1. Paid the salaries payable from Year 4 .2. On January 15, purchased 20 standard alarm systems for cash at a cost of $ 250 each.3. On February 1 , paid the accounts payable of $ 980, but not within the discount period. (The company uses the gross method.) 4. On March...

  • OBLEM The trial balance of Pacilio Security Services Inc. as of January 1, 2015, had the...

    OBLEM The trial balance of Pacilio Security Services Inc. as of January 1, 2015, had the following mal balances: Cash Accounts receivable Supplies Prepaid rent Merchandise inventory 19 @ 5240) Land Accounts payable Salaries payable Common stock Retained earnings S62,860 20,500 150 2,000 2,160 4,000 980 1,500 50,000 39,190 During 2015 Pacile Security Services experienced the following transactions Retained earnings 39,190 During 2015. Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from 2014. 2. On January...

  • The trial balance of Pacilio Security Services Inc, as of January 1,2020, had the following normal balances:

    The trial balance of Pacilio Security Services Inc, as of January 1,2020, had the following normal balances:During 2020 Pacilio Security Services experienced the following transactions:1. Paid the sales tax payable from 2019 .2. Paid the balance of the payroll liabilities due for 2019 (federal income tax, FICA taxes, and unemployment taxes).3. On January 1,2020 , purchased land and a building for $ 150,000. The building was, appraised at $ 125,000 and the land at $ 25,000. Pacilio paid $ 50.000...

  • The trial balance of Pacilio Security Services, Inc. as of January 1, Year 4, had the...

    The trial balance of Pacilio Security Services, Inc. as of January 1, Year 4, had the following normal balances:Cash$12,500Accounts Receivable3,500Supplies120Prepaid Rent1,000Land4,000Unearned Revenue900Salaries Payable1,000Common Stock8,000Retained Earnings11,220In Year 4, Pacilio Security Services decided to expand its business to sell security systems and offer 24-hour alarm monitoring services. It plans to phase out its current service of providing security personnel at various events. The following summary transactions occurred during Year 4 :1. Paid the salaries payable from Year 3.2. Acquired an additional $...

  • The trial balance of Pacilio Security Services, Inc. as of January 1, Year 4, had the...

    The trial balance of Pacilio Security Services, Inc. as of January 1, Year 4, had the following normal balances: Cash Accounts Receivable Supplies Prepaid Rent Land Unearned Revenue Salaries Payable Common Stock Retained Earnings $12,500 3,500 120 1,000 4,000 900 1,000 8,000 11,220 In Year 4, Pacilio Security Services decided to expand its business to sell security systems and offer 24-hour alarm monitoring services It plans to phase out its current service of providing security personnel at various events. The...

  • The trial balance of Pacilio Security Services, Inc. as of January 1, Year 4, had the...

    The trial balance of Pacilio Security Services, Inc. as of January 1, Year 4, had the following normal balances: Cash Accounts Receivable Supplies Prepaid Rent Land Unearned Revenue Salaries Payable Common Stock Retained Earnings $12,500 3,500 120 1,000 4,000 900 1,000 8,000 11,220 In Year 4, Pacilio Security Services decided to expand its business to sell security systems and offer 24-hour alarm monitoring services It plans to phase out its current service of providing security personnel at various events. The...

  • Trial Balance

    The Trial Balance of Pacilio Security Services Inc as of Jan, 1 2018 had the following normal balances.Cash $93,708Petty Cash $100Account Receivable $22,540Allowance for doubtful accounts $1,334Supplies $250Prepaid rent $3,600Merchandise Inventory (18 @ $285) $5,130Land $4,000Salaries payable $2,100Common stock $50,000Retained earnings $75,894During 2018 Pacillo Security Services experienced the following transaction:1. Paid the salaries payable from 2017.2. Purchased equipment and a van for a lump sum of $ 36,000 cash on January 2, 2018. The equipment was appraised for $10,000 and...

  • The trial balance of Palicio Security Services Inc. as of January 1, 2016 had following normal...

    The trial balance of Palicio Security Services Inc. as of January 1, 2016 had following normal balances: Account Adlust Income Statement DR CR Balance Sheet DR CR Trial Balance Adjustments Adjusted Trial Balance DR CRDR CRDR CR 74 210 13,500 200 3,200 4.000 6,620 Cash Accounts Receivable Supplies Prepaid Rent Land Merchandise Inventory (24 @ $265; 1 @ $260) Accounts Payable Unearned revenue Salaries Payable Common Stock Retained Earnings Wages Expense Totals 1.950 980 1.000 50,000 47,800 101,730 101,730 The...

  • The trial balance of Pacilio Security Services, Inc. as of January 1. Year 3, had the...

    The trial balance of Pacilio Security Services, Inc. as of January 1. Year 3, had the VE PROBLEM normal balances: Cash Accounts Receivable Supplies Prepaid Rent Land Accounts Payable Unearned Revenue Salaries Payable Notes Payable Common Stock Retained Earnings $8.900 1,500 65 800 4,000 1.050 200 1,200 2.000 8,000 2,815 During Year 3, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 2. 2. Paid the balance of $2,000 on the debt owed to the...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT