Description
I have attached the instructions. Below are the beginning requirements. Please let me know if you have any questions, comments, or concerns.
Required
A. Record the transactions in general journal form. Round all amounts to the nearest
whole dollar. If you are doing this by hand, then help yourself by posting the
transactions to the T-accounts.
B. Prepare an adjusted trial balance.
C. Prepare an income statement, and a balance sheet.
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Explanation & Answer
Attached.
Running head: INTRODUCTION TO FINANCIAL ACCOUNTING
Introduction to Financial Accounting
Student’s name
Institution
Date
1
INTRODUCTION TO FINANCIAL ACCOUNTING
2
The trial balance of Pacilio Security Services Inc. as of January 1, 2021, had the following
normal balances:
a. Pacilio Security Services Inc.
Event
1
2
3a.
3b.
4
5
6
7a
7b
8
9
10
11
12
13
14
Pacilio Security Services, Inc. General Journal, 2021
Title
Debit
Sales Tax Payable
390
Cash
Employee Income Tax Payable
1000
FICA – Social Security Tax Pay
840
FICA – Medicare Tax Payable
210
Unemployment Tax Payable
945
Cash
Cash (5,000*8)
40,000
(Common stock)+(PIC in Express of Par CS)
Cash
52,000
(Preferred Stock)+(PIC in Excess of SV, PS)
Supplies
500
Account Payable
Merchandise Inventory
58,900
Cash
Allowable for Doubtful Accounts
3,670
Accounts Receivable
Accounts Receivable
132,300
Alarm sales
Sales Tax payable
Cost of Goods Sold
64,620
Merchandise Inventory
Accounts Receivable – Cr. Card
55,680
Accounts Receivable
67,000
Credit Card Revenue
2,320
Monitoring Service Revenue
Maintenance Cost
75
Office Supplies
15
Cash
Cash
55,680
Accounts Receivable
Sales Tax Payable
5,250
Cash
Cash
198,000
Accounts Receivable
Salaries Expenses
96,000
Cash
Dividends
17,500
Dividends Payable
Credit
390
2,995
40,000
52,000
500
58,900
3,670
126,000
6,300
64,620
125,000
90
55,680
5,250
198,000
96,000
17,500
INTRODUCTION TO FINANCIAL ACCOUNTING
15
16
17
18
19
20
21
22
23
3
Warranty Payable
Cash
Dividends payable
Cash
Advertising expenses
Cash
Utilities Expenses
Cash
Tax Payable
Cash
Accounts Payable
Cash
Interest Expenses
C...