es nprene The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 9,...

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es nprene The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 9, had the following normal balances. Cash Petty cash $ 93,380 100 Accounts receivable 21,390 Allowance for doubtful accounts 2,485 Supplies 180 Prepaid rent 3,000 Merchandise inventory (23 @ $280) 6,440 Equipment 9,000 Van 27,000 Accumulated depreciation 14,900 Salaries payable 1,500 Common stock 50,000 Retained earnings 91,605 During Year 9, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 8. 2. Paid $9,000 on May 2, Year 9, for one year's office rent in advance. 3. Purchased $425 of supplies on account. 4. Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase. 5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable. 6. Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. 7. Record cost of good sold for the sales transaction mentioned in previous transaction (number 6). Be sure to compute cost of goods sold using the FIFO cost flow method. 8. Billed $107,000 of monitoring services for the year. Credit card sales amounted to $42,000, and the credit card company charged a 4 percent fee. The remaining $65,000 were sales on account. Sales tax is not charged on this service. 9. Replenished the petty cash fund on June 30. The fund had $5 cash and has receipts of $60 for yard mowing, $15 for office supplies expense, and $17 for miscellaneous expenses. 10. Collected the amount due from the credit card company. 11. Paid the sales tax collected on $69,600 of the alarm sales. 12. Paid installers and other employees a total of $65,000 for salaries for the year. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal income taxes withheld amounted to $7,500. Cash was paid for the net amount of salaries due. 13. Pacilio now offers a one-year warranty on its alarm systems. Paid $1,950 in warranty repairs during the year. Prev 1 of 1 Next es nprene The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 9, had the following normal balances. Cash Petty cash $ 93,380 100 Accounts receivable 21,390 Allowance for doubtful accounts 2,485 Supplies 180 Prepaid rent 3,000 Merchandise inventory (23 @ $280) 6,440 Equipment 9,000 Van 27,000 Accumulated depreciation 14,900 Salaries payable 1,500 Common stock 50,000 Retained earnings 91,605 During Year 9, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 8. 2. Paid $9,000 on May 2, Year 9, for one year's office rent in advance. 3. Purchased $425 of supplies on account. 4. Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase. 5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable. 6. Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. 7. Record cost of good sold for the sales transaction mentioned in previous transaction (number 6). Be sure to compute cost of goods sold using the FIFO cost flow method. 8. Billed $107,000 of monitoring services for the year. Credit card sales amounted to $42,000, and the credit card company charged a 4 percent fee. The remaining $65,000 were sales on account. Sales tax is not charged on this service. 9. Replenished the petty cash fund on June 30. The fund had $5 cash and has receipts of $60 for yard mowing, $15 for office supplies expense, and $17 for miscellaneous expenses. 10. Collected the amount due from the credit card company. 11. Paid the sales tax collected on $69,600 of the alarm sales. 12. Paid installers and other employees a total of $65,000 for salaries for the year. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal income taxes withheld amounted to $7,500. Cash was paid for the net amount of salaries due. 13. Pacilio now offers a one-year warranty on its alarm systems. Paid $1,950 in warranty repairs during the year. Prev 1 of 1 Next