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Internal Control and Accountin Required . Record the above transactions in general journal form. ...


Internal Control and Accountin Required . Record the above transactions in general journal form. b. Post the transactions to
Which company is more likely to be able to pay its current liabilit Whisch company carries a greater financial risk? Which co
Internal Control and Accountin Required . Record the above transactions in general journal form. b. Post the transactions to the T-accounts. c. Prepare a bank reco for the bank reconciliation: (1) Checks written but not paid by the bank, $8,350. (2) A deposit of $6,500 made on December 31 nciliation at the end of the year. The following information is available , 2016, had been recorded but was not shown hecks. (Hint: Use Office Supplies Expense on the bank statement. (3) A debit memo for $55 for a new supply of c account.) (4) A credit memo for $30 for interest earned on the checking account (5) An NSF check for $120. (6) The balance shown on the bank statement was $80,822. d. Record and post any adjustments necessary from the bank reconciliation. e. Prepare a trial balance. f. Prepare an income statement, statement of changes in stockholders' equity, balance sheet, g. Close the temporary accounts to retained earnings. h. Post the closing entries to the T-accounts and prepare a post-closing trial balance. and statement of cash flows
Which company is more likely to be able to pay its current liabilit Whisch company carries a greater financial risk? Which company is more prolitable from the stockholders 362 Chapter 6 e. e sales were tmade on Notice that Retained on profitability alone, which company performed better? bi Adjust the balance sheet and income statement for the effects will also need to be Prepare a for the bank Checks A depo g As sume that sales increased 10 percent and that the additional adjustod to kep the balance sheet in bal on the ratios? (3) A debi OMPREHENSIVE PROBLEM (4) A cred (5) An NS The trial balince of Pacilio Security Services Inc. as of sanuary i, 2016, had the normal balances (6) The b $74,210 13,500 200 3,200 6,620 4,000 ,950 900 1,000 50,000 47,880 Cash Accounts Receivable f. Prepare a and state s. Close the h. Post the Prepaid Rent Merchandise Iinvertory (24 $265 1 $260) Accounts Payable Unearned Revenue Salaries Payable Common Stock Retained Eanings During 2016 Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from 2015 2. On March 1, 2016, Pacilio established a $100 petty cash fund to handle small 3. Paid $4,800 on March 1, 2016, for one year's lease on the company van in advance Paid $7,200 on May 2, 2016, 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. (Compute cost of gds sil using the FIFO cost flow method.) 8. Paid $2,100 on accounts payable during the year 9. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only S7d currency left. It contained the following receipts: office supplies expense, $23, cutting gs $33; and miscellaneous expense, $14. 10. Billed $52,000 of monitoring services for the year. 11. Paid installers and other employees a total of $25,000 cash for salaries. 12. Collected S89,300 of accounts receivable during the year. 13. Paid $3,.600 of advertising expense during the year. 14. Paid $2,500 of utilities expense for the year 15. Paid a dividend of $10,000 to the shareholders Adjustments 16. There was $160 of supplies on hand at the end of the year. 17. Recognized the expired rent for both the van and the office building for the year. 18. Recognized the balance of the revenue earned in 2016 where cash had been 19. Accrued salaries at December 31., 2016, were $1.400. (The for both the van and the office remained the same for 2015 and 2016.) cted in
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General Journal S No Particulars Debit Credit 1 Salary Payable 1,000 To Cash (Being salary payable for 2015 paid) 1,000 2 PetMerchandise Inventory To Cash (Being 100 alarms purchased) 28,000 28,000 7 Accounts Receivable 57,120 To Sales 57,120 (BeingPetty Cash To Cash (Being Petty cash fund replenished) 93 93 10 Accounts Receivable 52,000 To Service Revenue 52,000 (Being m15 Retained Earnings 10,000 To Cash 10,000 (Being dividend paid) Adjustments Office Supply expenses To Supplies (Being SupplyCalculation of Cost of Gooods sold Units Price/Unit Value Opening Stock 265 260 6,360 260 28,000 34,620 6,360 260 21,560 28,1Cash Account Amount Particulars Particulars To Opening Balance To Accounts Receivable Amount 74,210 By Salary Payable 89,300Prepaid Lease Amount Particulars Particulars Amount To Cash 4,800 By Lease expense 4,800 4,800 4,800 Prepaid Rent Amount PartMerchandise Invento Amount Particulars Particulars To Opening Balance To Cash Amount 6,620 By Cost of Goods Sold 28,000 By Clc) Bank Reconciliation Balance as per Books Add: Checks written but not paid by Bank Less: Deposit not shown on Bank Statemene) Trial Balance Beginning balances Debit As at 31st Dec 2016 Particulars Cash Petty Cash Accounts Receivable Supplies PrepaiAdvertising expense Utilities expense Lease expense Rent expense Total 3,600 2,500 4,800 7,200 199,580 199,580 101,730 101,73Add: Interest income Net Profit 30 36,662 Balance Sheet Assets Cash Petty Caslh Accounts Receivable Merchandise Inventory PreStatement of Stockholders Equit Opening balance in Retained Earnings Less: Dividend paid Add: Profit for the year Closing BaAdd: Opening Balance Closing Cash and Petty Cash 74,210 79,072 Sales Service Revenue Interest income ToCost of Goods Sold ToOh) Post Closing Trial Balance As at 31st Dec 2016 Particulars Cash Petty Cash Accounts Receivable Supplies Prepaid Rent Merch

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