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During Year 9, Pacillo Security Services experlenced the following transactions: 1. Pald the salarles payable from Year 8. 2. Pald $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. Pald cash for the purchase. 5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectlble accounts recelvable. 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 transactlon (number 6). Be sure to compute cost of goods sold using the FIFO cost flow method. 8. Billed $107,000 of monltoring services for the year. Credit card sales amounted to $42,000, and the credit card company charged a 4 percent fee. The remalning $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 recelpts 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. Pald the sales tax collected on $69,600 of the alarm sales. 12. Paid Installers and other employees a total of $65,000 for salarles for the year. Assume the Soclal Securlty tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal Income taxes withheld amounted to $7,500. Cash was pald for the net amount of salarles due. 13. Pacillo now offers a one-year warranty on Its alarm systems. Pald $1,950 in warranty repairs during the year. 14. On September 1, borrowed $12,000 from State Bank. The note had an 8 percent Interest rate and a one-year term to maturity. 15. Collected $136,100 of accounts recelvable during the year. 16. Pald $15,000 of advertising expense durlng the year. 17. Pald $7,200 of utilltles expense for the year. 18. Paid the payroll taxes, both the amounts withheld from the salarles plus the employer share of Soclal Security tax and Medicare tax, on $60,000 of the salarles plus $7,000 of the federal Income tax that was withheld. (Unemployment taxes were not pald at this time.) 19. Paid the accounts payable. 20. Pald a dividend of $10,000 to the shareholders. Adjustments 21. There was $165 of supplies on hand at the end of the year. 22. Recognized the expired rent for the office bullding for the year. 23. Recognized uncollectible accounts expense for the year using the allowance method. The company revised its estimate of uncollectible accounts based on prior years' experlence. This year, Pacillo estlmates that 2.75 percent of sales on account will not be collected. 24. Recognized depreclation expense on the equipment and the van. The equipment has a five-year life and a $2,000 salvage value. The van has a four-year life and a $6,000 salvage value. The company uses double-declining-balance for the van and straight-line for the equipment. (A full year's depreclation was taken in Year 8, the year of acquisition.) 25. The alarm systems sold In transaction 6 were covered with a one-year warranty. Pacillo estimated that the warranty cost would be 3 percent of alarm sales. 26. Recognized the accrued Interest on the note payable at December 31, Year 9. 27. The unemployment tax on salarles has not been pald. Recorded the accrued unemployment tax on the salarles for the year. The unemployment tax rate is 4.5 percent. ( $14,000 of salarles is subject to this tax.) 28. Recognized the employer Soclal Security and Medicare payroll tax that has not been pald on $5,000 of salarles expense. Prepare the journal entries to record transactions (1) through (20). Then prepare the necessary adjusting entries (21) through (28) to correctly report net income for the period. Then record the closing entries (29) through (31) as of December 31, Year 9 . (If no entry is required for a transaction, select "No journal entry required" in the first account field. Round your answers to the nearest dollar amount.) Show less 4 Note: tnter aedits Derore crealts. During Year 9, Pacillo Security Services experlenced the following transactions: 1. Pald the salarles payable from Year 8. 2. Pald $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. Pald cash for the purchase. 5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectlble accounts recelvable. 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 transactlon (number 6). Be sure to compute cost of goods sold using the FIFO cost flow method. 8. Billed $107,000 of monltoring services for the year. Credit card sales amounted to $42,000, and the credit card company charged a 4 percent fee. The remalning $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 recelpts 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. Pald the sales tax collected on $69,600 of the alarm sales. 12. Paid Installers and other employees a total of $65,000 for salarles for the year. Assume the Soclal Securlty tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal Income taxes withheld amounted to $7,500. Cash was pald for the net amount of salarles due. 13. Pacillo now offers a one-year warranty on Its alarm systems. Pald $1,950 in warranty repairs during the year. 14. On September 1, borrowed $12,000 from State Bank. The note had an 8 percent Interest rate and a one-year term to maturity. 15. Collected $136,100 of accounts recelvable during the year. 16. Pald $15,000 of advertising expense durlng the year. 17. Pald $7,200 of utilltles expense for the year. 18. Paid the payroll taxes, both the amounts withheld from the salarles plus the employer share of Soclal Security tax and Medicare tax, on $60,000 of the salarles plus $7,000 of the federal Income tax that was withheld. (Unemployment taxes were not pald at this time.) 19. Paid the accounts payable. 20. Pald a dividend of $10,000 to the shareholders. Adjustments 21. There was $165 of supplies on hand at the end of the year. 22. Recognized the expired rent for the office bullding for the year. 23. Recognized uncollectible accounts expense for the year using the allowance method. The company revised its estimate of uncollectible accounts based on prior years' experlence. This year, Pacillo estlmates that 2.75 percent of sales on account will not be collected. 24. Recognized depreclation expense on the equipment and the van. The equipment has a five-year life and a $2,000 salvage value. The van has a four-year life and a $6,000 salvage value. The company uses double-declining-balance for the van and straight-line for the equipment. (A full year's depreclation was taken in Year 8, the year of acquisition.) 25. The alarm systems sold In transaction 6 were covered with a one-year warranty. Pacillo estimated that the warranty cost would be 3 percent of alarm sales. 26. Recognized the accrued Interest on the note payable at December 31, Year 9. 27. The unemployment tax on salarles has not been pald. Recorded the accrued unemployment tax on the salarles for the year. The unemployment tax rate is 4.5 percent. ( $14,000 of salarles is subject to this tax.) 28. Recognized the employer Soclal Security and Medicare payroll tax that has not been pald on $5,000 of salarles expense. Prepare the journal entries to record transactions (1) through (20). Then prepare the necessary adjusting entries (21) through (28) to correctly report net income for the period. Then record the closing entries (29) through (31) as of December 31, Year 9 . (If no entry is required for a transaction, select "No journal entry required" in the first account field. Round your answers to the nearest dollar amount.) Show less 4 Note: tnter aedits Derore crealts