Cash Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (24 e $265; 1 e $260) Land $74,210 13,500 200 3,200 6,620 4,000 1,950 980 Accounts Payable Unearned Revenue Salaries Payable Common Stock Retained Earnings 1, eee 50, 800 47,880 During Year 6, Pacilio Security Services experienced the foliowing transactions: 1. Paid the salaries payable from Year 5. 2. On March 1, Year 6, Pacilio established a $100 petty cash fund to handle small expenditures. 3. Paid $4,800 on March 1, Year 6, for a one-year lease on the company van in advance. 4. Paid $7,200 on May 2, Year 6, for one year's office rent in advance. 5. Purchased $400 of supplies on account. 6. Purchased 100 alarm systems for $28,000 cash during the year. 7. Sold 102 alarm systems for $57,120. All sales were on account 8. Record the cost of goods sold related to the sale from Event 7 using the FIFO method. 9. Paid $2,100 on accounts payable during the year. O. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receipts: office supplies expense, $23; cutting grass, $55; and miscellancous expense, $14. 11. Billed $52,000 of monitoring services for the year. 2. Paid installers and other employees a total of $25,000 cash for salaries f00 200 of arcounts receivable during the year.
Cash Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (24 e $265; 1 e $260) Land $74,210 13,500 200 3,200 6,620 4,000 1,950 980 Accounts Payable Unearned Revenue Salaries Payable Common Stock Retained Earnings 1, eee 50, 800 47,880 During Year 6, Pacilio Security Services experienced the foliowing transactions: 1. Paid the salaries payable from Year 5. 2. On March 1, Year 6, Pacilio established a $100 petty cash fund to handle small expenditures. 3. Paid $4,800 on March 1, Year 6, for a one-year lease on the company van in advance. 4. Paid $7,200 on May 2, Year 6, for one year's office rent in advance. 5. Purchased $400 of supplies on account. 6. Purchased 100 alarm systems for $28,000 cash during the year. 7. Sold 102 alarm systems for $57,120. All sales were on account 8. Record the cost of goods sold related to the sale from Event 7 using the FIFO method. 9. Paid $2,100 on accounts payable during the year. O. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receipts: office supplies expense, $23; cutting grass, $55; and miscellancous expense, $14. 11. Billed $52,000 of monitoring services for the year. 2. Paid installers and other employees a total of $25,000 cash for salaries f00 200 of arcounts receivable during the year.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 17MCQ
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