Answer full question. 1Adjustments14. There was $120 of supplies on hand at the end of the year.15. Recognized the expired rent.16. Recognized the earned revenue from Year 2 and transaction no.8,17. Accrued salaries were $1,000 at December 31, Year 3.StatementChanges inSEBalanceIncomeTrial Balance StatementGeneralGeneralAnalysisRequirementSheetof CFJournalLedgerChoose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted, or post-closing balanceswill appear for each account, based on your selection.UnadjustedPacilio Security Services, Inc.Income StatementFor the Year Ended December 31, Year 3RevenuesTotal RevenuesExpensesTotal Expenses The trial balance of Pacilio Security Services, Inc. as of January 1, Year 3, had the following normal balances:CashAccounts ReceivableSuppliesPrepaid RentLandAccounts PayableUnearned RevenueSalaries PayableNotes PayableCommon StockRetained Earnings$8,9001,500658004,0001,0502001,2002,0008,ø002,815During 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 forcash.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, $4,200.8. 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.O. 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.

Pacilio Security Services, Inc. Income Statement For the Year Ended December 31, Year 3 Service…

14. There was $120 of supplies on hand at the end of the year. 15. Recognized the expired rent. 16. Recognized the earned revenue from Year 2 and transaction no. 8. 17. Actrued salaries were $1,000 at December 31, Year 3.

14. There was $120 of supplies on hand at the end of the year. 15. Recognized the expired rent. 16. Recognized the earned revenue from Year 2 and transaction no. 8. 17. Actrued salaries were $1,000 at December 31, Year 3.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 5SEQ: The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co....

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