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The trial balance of Pacific Security Services, Incorporated as of January $1,$ Year $3,$ had the following normal balances:

Pacific Security Services

Trial Balance

Account Normal Balances

Cash $$8,900$

Accounts Receivable $1,500$

Supplies $65$

Prepaid Rent $800$

Land $4,000$

Accounts Payable $1,050$

Unearned Revenue $200$

Salaries Payable $1,200$

Notes Payable $2,000$

Common Stock

$8,$

$000$

Retained Earnings $2,815$

During Year $3,$ Pacific Security Services experienced the following transactions:

Hint: If you are having difficulty beginning, please remember, the Trial Balance includes information from accounts that have a balance. So your first transaction would come from the Trial Balance.

Because this is beginning a new year, it is safe to say that this transaction was posted from $12/31/2024.$

No$.$ Date Transaction Debit Credit

$1.$ Dec. $31$ Salaries Payable $1,200$

Cash $1,200$

I hope this helps.

Paid the salaries payable from Year $2.$

Paid the balance of $$2,000$ on the debt owed to the Small Business Government Agency. The loan is interest$-$free.

Performed $$32,000$ of security services for numerous local events during the year; $$21,000$ was on account and $$11,000$ was for cash.

On May $1,$ paid $$3,000$ for $12$ months$$ rent in advance.

Purchased supplies on account for $$700.$

Paid salaries expense for the year of $$9,000.$

Incurred other operating expenses on account, $$4,200.$

On October $1,$ Year $3,$ a customer paid $$1,200$ for services to be provided over the next $12$ months.

Collected $$19,000$ of accounts receivable during the year.

Paid $$5,950$ on accounts payable.

Paid $$1,800$ of advertising expenses for the year.

Paid a cash dividend to the shareholders of $$4,650.$

The market value of the land was determined to be $$5,500$ at December $31,$ Year $3.$

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