Trial balance of ABC Security Services Inc Case Study - Accounting Assignment Help

Assignment Task

ACTIVITY TWO: 
The trial balance of ABC Security Services Inc. as of January 1, 2020 had the following normalbalances 
Cash 74,210 Accounts receivable 13,500 Supplies 200 Prepaid rent 3,200 Merchandise inventory (24 @ $265; 1 @ $260) 6,620 Land 4000 Accounts payable 1,950 Unearned revenue 980 Salaries payable 1,000 Common stock 50,000 Retained earnings 47,800 
The following transactions took place during 2020 for ABC Security Services: 1. Paid the salaries payable from 2015. 2. On March 1, 2020, ABC established a $100 petty cash fund to handle small expenditures. 3. Paid $4,800 on May 1, 2020, for one year's lease on the company van in advance. 4. Paid $7,200 on May 2,2020 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 goods sold 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 $7 of currency left. It contained the following receipts: office supplies expense $23, cutting grass $55, and miscellaneous $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 $89,300 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. 
REQUIRED 1. Prepare the trial balance as at Dec 31, 2020 for ABC Security Services Inc. 2. Prepare the income statement, statement of changes in equity and balance sheet for ABC Security Services Inc. 
 

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