The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 3, had the following normal balances: $8,900 1,500 65 800 Cash Accounts Receivable. Supplies Prepaid Rent Land 4,000 1,050 200 Accounts Payable Unearned Revenue Salaries Payable Notes Payable Common Stock Retained Earnings 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 Small Business Government Agency. The loan is interest-free. 3. Performed $32,000 of security services for numerous local events during the year; $21,000 was on account and $11,000 was for cash. 4. On May 1, paid $3,000 for 12 months' rent in advance. 5. Purchased supplies on account for $700. 6. Paid salaries expense for the year of $9,000. 7. Incurred other operating expenses on account, $4,200. 1,200 2,000 8,000 2,815 8. On October 1, Year 3, a customer paid $1,200 for services to be provided over the next 12 months. 9. Collected $19,000 of accounts receivable during the year. 10. Paid $5,950 on accounts payable. 11. Paid $1,800 of advertising expenses for the year. 12. Paid a cash dividend to the shareholders of $4,650. 13. The market value of the land was determined to be $5,500 at December 31, Year 3. Adjustments 14. There was $120 of supplies on hand at the end of the year. 5. Recognized the expired rent. 16. Recognized the earned revenue from Year 2 and transaction number 8. 17. Accrued salaries were $1,000 at December 31, Year 3.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Please create a general journal, general ledger, trial balance, income statement, changes in SE, Balance Sheet, Statement of Cash Flows, and analysis.

The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 3, had the following normal balances:
$8,900
1,500
Cash
Accounts Receivable
Supplies
Prepaid Rent
Land
Accounts Payable
Unearned Revenue
Salaries Payable
Notes Payable
Common Stock
Retained Earnings
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 Small Business Government Agency. The loan is interest-free.
3. Performed $32,000 of security services for numerous local events during the year; $21,000 was on account and $11,000 was for
cash.
4. On May 1, paid $3,000 for 12 months' rent in advance.
5. Purchased supplies on account for $700.
6. Paid salaries expense for the year of $9,000.
7. Incurred other operating expenses on account, $4,200.
65
800
4,000
1,050
200
8. On October 1, Year 3, a customer paid $1,200 for services to be provided over the next 12 months.
9. Collected $19,000 of accounts receivable during the year.
10. Paid $5,950 on accounts payable.
11. Paid $1,800 of advertising expenses for the year.
2. Paid a cash dividend to the shareholders of $4,650.
13. The market value of the land was determined to be $5,500 at December 31, Year 3.
1,200
2,000
8,000
2,815
Adjustments
14. There was $120 of supplies on hand at the end of the year.
15. Recognized the expired rent.
Requirement
16. Recognized the earned revenue from Year 2 and transaction number 8.
17. Accrued salaries were $1,000 at December 31, Year 3.
General
Journal
General
Ledger
Trial Balance
Income
Statement
Changes in
SE
Balance
Sheet
Statement
of CF
Analysis

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Journal Entries are the recording of transactions of the organization. All the transactions are recorded using journals in the form of debit and credit. After recording transactions in the journal next step is to transfer them into ledgers. Ledgers are the individual account of real personal and nominal. After transferring all the transactions into Ledgers Company closes the accounts and transfers those into the summarized form of trial balance.

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