Please the do full journal entry. Answer full question. ### Adjustments1. There was $200 of supplies on hand at the end of the year.2. Recognized the expired rent from the prior year, van, and office building for the year.3. Recognized the revenue earned from transaction 15.4. Accrued salaries at December 31, Year 5, were $1,000.### Overview of TabsThe image includes multiple tabs related to financial recording and reporting:- **Requirement**: Instructions or steps that need to be followed.- **General Journal**: The book of original entries where business transactions are recorded in chronological order.- **General Ledger**: Contains all accounts used by a business, showing detailed transactions and balances.- **Trial Balance**: This is a statement of all debits and credits in a double-entry account book, with any discrepancy indicating an error.- **Income Statement**: A financial statement showing the company’s revenue and expenses during a particular period.- **Changes in SE (Stockholder's Equity)**: Reflects changes in the equity portion of the balance sheet.- **Balance Sheet**: A financial statement that presents the company's financial position at a specific point in time.- **Statement of CF (Cash Flows)**: Shows the cash inflows and outflows over a period.- **Analysis**: A detailed examination and interpretation of financial data.### Instruction for Journal EntriesPrepare the journal entries to record transactions (1) through (20). Then prepare the necessary adjusting entries (21) through (24) to correctly report net income for the period. Finally, record the closing entries (25) through (27) as of December 31, Year 5. *(If no entry is required for a transaction, select "No journal entry required" in the first account field.)*#### View Transaction ListA button labeled "View transaction list" is shown, which likely provides a detailed list of all transactions that need to be recorded in the journals.### Journal Entry Worksheet#### Specific Entry: Paid the Salaries Payable from Year 4- **Note**: Enter debits before credits.#### Data Entry Fields- **Date**: An entry field to input the date of the transaction.- **General Journal**: Space to input the description of the transaction.- **Debit**: The amount to be debited.- **Credit**: The amount to be credited.**Example Entry**: - **Trial Balance and Transactions of Pacilio Security Services Inc.**As of January 1, Year 5, the trial balance of Pacilio Security Services, Inc. had the following normal balances:- **Cash**: $62,860- **Accounts receivable**: $20,500- **Supplies**: $150- **Prepaid rent**: $2,100- **Merchandise inventory (9 @ $240)**: $2,160- **Land**: $4,000- **Accounts payable**: $980- **Salaries payable**: $1,500- **Common stock**: $50,000- **Retained earnings**: $39,190**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 1, leased a business van. Paid $4,800 for one year's lease in advance.5. Paid $7,200 on May 1 for one year's rent on the office in advance.6. Purchased with cash $500 of supplies to be used over the next several months by the business.7. Purchased with cash another 25 alarm systems on August 1 for resale at a cost of $260 each.8. On September 5, purchased on account 30 standard alarm systems at a cost of $265.9. Installed 60 standard alarm systems for $33,000. Sales of $22,000 were on account, while $11,000 were cash sales.10. Record the cost of goods sold related to the sale from Event 9 using the perpetual FIFO method.11. 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.12. 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.13. Paid installers and other employees a total of $21,000 cash for salaries.14

Pacillio Security Services, Inc. General Journal, year 5 Date Account title Debit Credit…

ng Year 5, Pacilio Security Services experienced the following transactions: did the salaries payable from Year 4. n January 15, purchased 20 standard alarm systems for cash at a cost of $250 each, n February 1, paid the accounts payable of $980, but not within the discount period. (The company uses the gross method.) n March 1, leased a business van. Paid $4,800 for one year's lease in advance. aid $7,200 on May 1 for one year's rent on the office in advance. urchased with cash $500 of supplies to be used over the next several months by the business. urchased with cash another 25 alarm systems on August 1 for resale at a cost of $260 each. n September 5, purchased on account 30 standard alarm systems at a cost of $265. stalled 60 standard alarm systems for $33,000. Sales of $22,000 were on account, while $11,000 were cash sales. ecord the cost of goods sold related to the sale from Event 9 using the perpetual FIFO method. lade a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cos 260. Record the reversal of revenue. lade a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cos 260. Record the reversal of cost. aid installers and other employees a total of $21,000 cash for salaries. pld $45,000 of monitoring services during the year. The services are biled to the customers each month. nld an additional monitoring service for $1,200 for one year's service. The customer paid the full amount of $1,200 on Octobe

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q