customers? Explain the reasons for your s customers? How do you know? d. Which c

Question

customers? Explain the reasons for your s customers? How do you know? d. Which company appears to have more restrictive credit standards COMPREHENSIVE PROBLEM cese of Pacilio Security Services Inc. as of January 1, 2017, had thellowng normal balances: Cash Petty Cash Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (23@$280) Land Accounts Payable Salaries Payable Common Stock Retained Earnings $78,972 100 33,440 160 3,200 6,440 4,000 250 1,400 50,000 74,662 During 2017 Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from 2016. 2. Paid $4,800 on March 1, 2017, for one year's lease in advance on the company van.

Explanation / Answer

Prepaid rent on van: Annual rent on van paid 4800 Amount paid on: 1-Mar Monthly rent 400 Months expired 10 months Rent expired 4000 Unexpired rent on Van (4800-4000) 800 Prepaid on Office rent: Annual rent for Office paid 8400 Amount paid on: 2-May Monthly rent 700 Mmonths expired 8 months Rent expired 5600 Unexpired rent 2800 Total rent on office expired: Rent expired as computed above: (4000+5600) 9600 Add: Prepaid rent expired 3200 Total rent expired during the year 12800

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