Chapter 05 (Static) Comprehensive Problem LO 5-1, 5-2, 5-3, 5-4, 5-5
During Year 5, Pacilio Security Services experienced the following transactions:
Paid the salaries payable from Year 4.
On January 15, purchased 20 standard alarm systems for cash at a cost of $250 each.
On February 1, paid the accounts payable of $980, but not within the discount period. (The company uses the gross method.)
On March 1, leased a business van. Paid $4,800 for one year’s lease in advance.
Paid $7,200 on May 1 for one year’s rent on the office in advance.
Purchased with cash $500 of supplies to be used over the next several months by the business.
Purchased with cash another 25 alarm systems on August 1 for resale at a cost of $260 each.
On September 5, purchased on account 30 standard alarm systems at a cost of $265.
Installed 60 standard alarm systems for $33,000. Sales of $22,000 were on account, while $11,000 were cash sales.
Record the cost of goods sold related to the sale from Event 9 using the perpetual FIFO method.
Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of revenue.
Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of cost.
Paid installers and other employees a total of $21,000 cash for salaries.
Sold $45,000 of monitoring services during the year. The services are billed to the customers each month.
Sold an additional monitoring service for $1,200 for one year’s service. The customer paid the full amount of $1,200 on October 1.
Collected $74,000 of accounts receivable during the year.
Paid an additional $6,000 to settle some of the accounts payable.
Paid $3,500 of advertising expense during the year.
Paid $2,320 of utilities expense for the year.
Paid a dividend of $15,000 to the shareholders.
Adjustments
There was $200 of supplies on hand at the end of the year.
Recognized the expired rent for both the van and the office building for the year.
Recognized the revenue earned from transaction 15.
Accrued salaries at December 31, Year 5, were $1,000.
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Chapter 05 (Static) Comprehensive Problem LO 5-1, 5-2, 5-3, 5-4, 5-5
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, 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...
Useful info: Question: Following is Equinox's post-closing trial balance at the end of 2018 (also the...
Useful info:
Question:
Following is Equinox's post-closing trial balance at the end of 2018 (also the start of 2019). Equinox Fitness, Inc. Post-Closing Trial Balance as of December 31, 2018 Credit Debit 8,760 1,680 108 480 2,400 624 540 4,800 7,464 Account Cash Accounts receivable Supplies Prepaid rent Inventory Land Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends declared Service revenue Product sales Sales returns Cost of goods sold Supplies expense Salaries expense Rent expense Utilities expense...
Just need help with Statement of Cash Flows and Effect of Transactions on Financial Statements as...
Just need help with Statement of Cash Flows and Effect of
Transactions on Financial Statements as shown in photos 3/4.
1 Homework Help Save & Exit Check my The trial balance of Pacillo 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 3,580 120 1,000 4,806 900 1,880 8,000 11,220 In Year 4, Pacilio Security Services decided to expand...
The trial balance of Pacilio Security Services Inc. as of January 1, 2017, had the following...
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 year's lease in advance...
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...
I need help completing journal entries for the following events Acct 2400 Project 2- Merchandise Inventory...
I
need help completing journal entries for the following events
Acct 2400 Project 2- Merchandise Inventory & Sale 2. Following is a list of events that occurred during 2018. a) Jan 6, 2018 - Lawn Pro paid the salaries payable from 2017. b) Jan 14, 2018 - The company acquired an additional $50,000 cash from the issue of common stock c) Jan 17, 2018 - The company paid $900 cash for supplies to be used by the business. d) Jan...
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 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, 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 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 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...
Useful info:
Question:
Following is Equinox's post-closing trial balance at the end of 2018 (also the start of 2019). Equinox Fitness, Inc. Post-Closing Trial Balance as of December 31, 2018 Credit Debit 8,760 1,680 108 480 2,400 624 540 4,800 7,464 Account Cash Accounts receivable Supplies Prepaid rent Inventory Land Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends declared Service revenue Product sales Sales returns Cost of goods sold Supplies expense Salaries expense Rent expense Utilities expense...
Just need help with Statement of Cash Flows and Effect of
Transactions on Financial Statements as shown in photos 3/4.
1 Homework Help Save & Exit Check my The trial balance of Pacillo 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 3,580 120 1,000 4,806 900 1,880 8,000 11,220 In Year 4, Pacilio Security Services decided to expand...
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 year's lease in advance...
I
need help completing journal entries for the following events
Acct 2400 Project 2- Merchandise Inventory & Sale 2. Following is a list of events that occurred during 2018. a) Jan 6, 2018 - Lawn Pro paid the salaries payable from 2017. b) Jan 14, 2018 - The company acquired an additional $50,000 cash from the issue of common stock c) Jan 17, 2018 - The company paid $900 cash for supplies to be used by the business. d) Jan...
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