1. COMPPRO.02.01.PART.1.AND.PART.2 Question Content Area Comprehensive Problem 2 Part 1 and Part 2: Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows. Assume all accounts have normal balances. Account Number Account Amount 110 Cash $83,600 112 Accounts Receivable 233,900 115 Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated DepreciationStore Equipment 56,700 210 Accounts Payable 96,600 211 Salaries Payable 212 Customers Refunds Payable 50,000 310 Common Stock 100,000 311 Retained Earnings 585,300 312 Dividends $135,000 410 Sales 5,069,000 510 Cost of Goods Sold 2,823,000 520 Sales Salaries Expense 664,800 521 Advertising Expense 281,000 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532 Insurance Expense 539 Miscellaneous Administrative Expense 7,800 Part 1: Journalize the transactions below for May, the last month of the fiscal year. If an amount box does not require an entry, leave it blank. May 1: Paid rent for May, $5,000. Date Description Post. Ref. Debit Credit May 1 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 May 2: Sold merchandise on account to Korman Co., terms n/15, FOB shipping point, $68,500. The cost of the goods sold was $41,000. Date Description Post. Ref. Debit Credit May 2 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 May 2 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. Date Description Post. Ref. Debit Credit May 3 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 May 4: Paid freight on purchase of May 3, $600. Date Description Post. Ref. Debit Credit May 4 fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 May 7: Received $22,300 cash from Halstad Co. on account. Date Description Post. Ref. Debit Credit May 7 fill in the blank 32 fill in the blank 33 fill in the blank 35 fill in the blank 36 May 10: Sold merchandise with a list price of $61,500 to customers who used VISA and who redeemed $7,500 of point-of-sale coupons. The cost of the goods sold was $32,000. Date Description Post. Ref. Debit Credit May 10-Sales fill in the blank 38 fill in the blank 39 fill in the blank 41 fill in the blank 42 May 10-Cost fill in the blank 44 fill in the blank 45 fill in the blank 47 fill in the blank 48 May 13: Paid for merchandise purchased on May 3. Date Description Post. Ref. Debit Credit May 13 fill in the blank 50 fill in the blank 51 fill in the blank 53 fill in the blank 54 fill in the blank 56 fill in the blank 57 May 15: Paid advertising expense for last half of May, $11,000. Date Description Post. Ref. Debit Credit May 15 fill in the blank 59 fill in the blank 60 fill in the blank 62 fill in the blank 63 May 17: Received cash from sale of May 2. Date Description Post. Ref. Debit Credit May 17 fill in the blank 65 fill in the blank 66 fill in the blank 68 fill in the blank 69 May 19: Purchased merchandise for cash, $18,700. Date Description Post. Ref. Debit Credit May 19 fill in the blank 71 fill in the blank 72 fill in the blank 74 fill in the blank 75 May 19: Paid $33,450 to Buttons Co. on account. Date Description Post. Ref. Debit Credit May 19 fill in the blank 77 fill in the blank 78 fill in the blank 80 fill in the blank 81 May 20: Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 2. The cost of the returned merchandise was $8,000. Date Description Post. Ref. Debit Credit May 20-Refund fill in the blank 83 fill in the blank 84 fill in the blank 86 fill in the blank 87 May 20-Cost fill in the blank 89 fill in the blank 90 fill in the blank 92 fill in the blank 93 May 21: Sold merchandise on account to Crescent Co., terms n/eom, FOB shipping point, $110,000. The cost of the goods sold was $70,000. Date Description Post. Ref. Debit Credit May 21-Sales fill in the blank 95 fill in the blank 96 fill in the blank 98 fill in the blank 99 May 21-Cost fill in the blank 101 fill in the blank 102 fill in the blank 104 fill in the blank 105 May 21: For the convenience of Crescent Co., paid freight on sale of May 21, $2,300. Date Description Post. Ref. Debit Credit May 21 fill in the blank 107 fill in the blank 108 fill in the blank 110 fill in the blank 111 May 21: Received $42,900 cash from Gee Co. on account. Date Description Post. Ref. Debit Credit May 21 fill in the blank 113 fill in the blank 114 fill in the blank 116 fill in the blank 117 May 21: Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. Date Description Post. Ref. Debit Credit May 21 fill in the blank 119 fill in the blank 120 fill in the blank 122 fill in the blank 123 May 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. Date Description Post. Ref. Debit Credit May 24 fill in the blank 125 fill in the blank 126 fill in the blank 128 fill in the blank 129 May 26: Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. Date Description Post. Ref. Debit Credit May 26-Refund fill in the blank 131 fill in the blank 132 fill in the blank 134 fill in the blank 135 May 26-Cost fill in the blank 137 fill in the blank 138 fill in the blank 140 fill in the blank 141 May 28: Paid sales salaries of $56,000 and office salaries of $29,000. Date Description Post. Ref. Debit Credit May 28 fill in the blank 143 fill in the blank 144 fill in the blank 146 fill in the blank 147 fill in the blank 149 fill in the blank 150 May 29: Purchased store supplies for cash, $2,400. Date Description Post. Ref. Debit Credit May 29 fill in the blank 152 fill in the blank 153 fill in the blank 155 fill in the blank 156 May 30: Sold merchandise on account to Turner Co., terms n/30, FOB shipping point, $78,750. The cost of the goods sold was $47,000. Date Description Post. Ref. Debit Credit May 30-Sales fill in the blank 158 fill in the blank 159 fill in the blank 161 fill in the blank 162 May 30-Cost fill in the blank 164 fill in the blank 165 fill in the blank 167 fill in the blank 168 May 31: Received cash from sale of May 21 plus freight. Date Description Post. Ref. Debit Credit May 31 fill in the blank 170 fill in the blank 171 fill in the blank 173 fill in the blank 174 May 31: Paid for purchase of May 21, less return of May 24. Date Description Post. Ref. Debit Credit May 31 fill in the blank 176 fill in the blank 177 fill in the blank 179 fill in the blank 180 fill in the blank 182 fill in the blank 183 Part 2: Using the attached spreadsheet, post the journal entries from Part 1 to the general ledger. Extend the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 2. COMPPRO.02.01.PART.3 Question Content Area Comprehensive Problem 2 Part 3: NOTE: You must complete parts 1 and 2 before completing part 3. Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank. Palisade Creek Co. Unadjusted Trial Balance May 31, 20Y6 Line Item Description Debit Balances Credit Balances Cash fill in the blank 1 fill in the blank 2 Accounts Receivable fill in the blank 3 fill in the blank 4 Inventory fill in the blank 5 fill in the blank 6 Estimated Returns Inventory fill in the blank 7 fill in the blank 8 Prepaid Insurance fill in the blank 9 fill in the blank 10 Store Supplies fill in the blank 11 fill in the blank 12 Store Equipment fill in the blank 13 fill in the blank 14 Accumulated Depreciation-Store Equipment fill in the blank 15 fill in the blank 16 Accounts Payable fill in the blank 17 fill in the blank 18 Salaries Payable fill in the blank 19 fill in the blank 20 Customers Refunds Payable fill in the blank 21 fill in the blank 22 Common Stock fill in the blank 23 fill in the blank 24 Retained Earnings fill in the blank 25 fill in the blank 26 Dividends fill in the blank 27 fill in the blank 28 Sales fill in the blank 29 fill in the blank 30 Cost of Goods Sold fill in the blank 31 fill in the blank 32 Sales Salaries Expense fill in the blank 33 fill in the blank 34 Advertising Expense fill in the blank 35 fill in the blank 36 Depreciation Expense fill in the blank 37 fill in the blank 38 Store Supplies Expense fill in the blank 39 fill in the blank 40 Miscellaneous Selling Expense fill in the blank 41 fill in the blank 42 Office Salaries Expense fill in the blank 43 fill in the blank 44 Rent Expense fill in the blank 45 fill in the blank 46 Insurance Expense fill in the blank 47 fill in the blank 48 Miscellaneous Administrative Expense fill in the blank 49 fill in the blank 50 Total fill in the blank 51 fill in the blank 52 3. COMPPRO.02.01.PART.4.AND.PART.6 Question Content Area Comprehensive Problem 2 Part 4 and 6: Note: You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6. Part 5 is an optional work sheet. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6. Line Item Description Amount Amount a. Inventory on May 31 $570,000 b. Insurance expired during the year 12,000 c. Store supplies on hand on May 31 4,000 d. Depreciation for the current year 14,000 e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 Total 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. 6. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2. Date Description Post. Ref. Debit Credit Adjusting Entries 20Y6 May 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 May 31 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 May 31 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 May 31 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 May 31 fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33 May 31 fill in the blank 35 fill in the blank 36 fill in the blank 38 fill in the blank 39 May 31 fill in the blank 41 fill in the blank 42 fill in the blank 44 fill in the blank 45 4. COMPPRO.02.01.PART.5 Question Content Area Comprehensive Problem 2 Part 5: Optional work sheet Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet using the following adjustment data. Line Item Description Amount Amount a. Inventory on May 31 $570,000 b. Insurance expired during the year 12,000 c. Store supplies on hand on May 31 4,000 d. Depreciation for the current year 14,000 e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 Total 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. If an amount box does not require an entry, leave it blank. Palisade Creek Co. End-of-Period Spreadsheet (Work Sheet) For the Year Ended May 31, 20Y6 Account Title Unadjusted Trial Balance Debit Unadjusted Trial Balance Credit Adjustments Debit Adjustments Credit Adjusted Trial Balance Debit Adjusted Trial Balance Credit Income Statement Debit Income Statement Credit Balance Sheet Debit Balance Sheet Credit Cash fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 Accounts Receivable fill in the blank 11 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 Inventory fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27 fill in the blank 28 fill in the blank 29 fill in the blank 30 Estimated Returns Inventory fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 Prepaid Insurance fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48 fill in the blank 49 fill in the blank 50 Store Supplies fill in the blank 51 fill in the blank 52 fill in the blank 53 fill in the blank 54 fill in the blank 55 fill in the blank 56 fill in the blank 57 fill in the blank 58 fill in the blank 59 fill in the blank 60 Store Equipment fill in the blank 61 fill in the blank 62 fill in the blank 63 fill in the blank 64 fill in the blank 65 fill in the blank 66 fill in the blank 67 fill in the blank 68 fill in the blank 69 fill in the blank 70 Accum. Depr.-Store Equip. fill in the blank 71 fill in the blank 72 fill in the blank 73 fill in the blank 74 fill in the blank 75 fill in the blank 76 fill in the blank 77 fill in the blank 78 fill in the blank 79 fill in the blank 80 Accounts Payable fill in the blank 81 fill in the blank 82 fill in the blank 83 fill in the blank 84 fill in the blank 85 fill in the blank 86 fill in the blank 87 fill in the blank 88 fill in the blank 89 fill in the blank 90 Salaries Payable fill in the blank 91 fill in the blank 92 fill in the blank 93 fill in the blank 94 fill in the blank 95 fill in the blank 96 fill in the blank 97 fill in the blank 98 fill in the blank 99 fill in the blank 100 Customers Refunds Payable fill in the blank 101 fill in the blank 102 fill in the blank 103 fill in the blank 104 fill in the blank 105 fill in the blank 106 fill in the blank 107 fill in the blank 108 fill in the blank 109 fill in the blank 110 Common Stock fill in the blank 111 fill in the blank 112 fill in the blank 113 fill in the blank 114 fill in the blank 115 fill in the blank 116 fill in the blank 117 fill in the blank 118 fill in the blank 119 fill in the blank 120 Retained Earnings fill in the blank 121 fill in the blank 122 fill in the blank 123 fill in the blank 124 fill in the blank 125 fill in the blank 126 fill in the blank 127 fill in the blank 128 fill in the blank 129 fill in the blank 130 Dividends fill in the blank 131 fill in the blank 132 fill in the blank 133 fill in the blank 134 fill in the blank 135 fill in the blank 136 fill in the blank 137 fill in the blank 138 fill in the blank 139 fill in the blank 140 Sales fill in the blank 141 fill in the blank 142 fill in the blank 143 fill in the blank 144 fill in the blank 145 fill in the blank 146 fill in the blank 147 fill in the blank 148 fill in the blank 149 fill in the blank 150 Cost of Goods Sold fill in the blank 151 fill in the blank 152 fill in the blank 153 fill in the blank 154 fill in the blank 155 fill in the blank 156 fill in the blank 157 fill in the blank 158 fill in the blank 159 fill in the blank 160 Sales Salaries Expense fill in the blank 161 fill in the blank 162 fill in the blank 163 fill in the blank 164 fill in the blank 165 fill in the blank 166 fill in the blank 167 fill in the blank 168 fill in the blank 169 fill in the blank 170 Advertising Expense fill in the blank 171 fill in the blank 172 fill in the blank 173 fill in the blank 174 fill in the blank 175 fill in the blank 176 fill in the blank 177 fill in the blank 178 fill in the blank 179 fill in the blank 180 Depreciation Expense fill in the blank 181 fill in the blank 182 fill in the blank 183 fill in the blank 184 fill in the blank 185 fill in the blank 186 fill in the blank 187 fill in the blank 188 fill in the blank 189 fill in the blank 190 Store Supplies Expense fill in the blank 191 fill in the blank 192 fill in the blank 193 fill in the blank 194 fill in the blank 195 fill in the blank 196 fill in the blank 197 fill in the blank 198 fill in the blank 199 fill in the blank 200 Miscellaneous Selling Expense fill in the blank 201 fill in the blank 202 fill in the blank 203 fill in the blank 204 fill in the blank 205 fill in the blank 206 fill in the blank 207 fill in the blank 208 fill in the blank 209 fill in the blank 210 Office Salaries Expense fill in the blank 211 fill in the blank 212 fill in the blank 213 fill in the blank 214 fill in the blank 215 fill in the blank 216 fill in the blank 217 fill in the blank 218 fill in the blank 219 fill in the blank 220 Rent Expense fill in the blank 221 fill in the blank 222 fill in the blank 223 fill in the blank 224 fill in the blank 225 fill in the blank 226 fill in the blank 227 fill in the blank 228 fill in the blank 229 fill in the blank 230 Insurance Expense fill in the blank 231 fill in the blank 232 fill in the blank 233 fill in the blank 234 fill in the blank 235 fill in the blank 236 fill in the blank 237 fill in the blank 238 fill in the blank 239 fill in the blank 240 Miscellaneous Admin. Expense fill in the blank 241 fill in the blank 242 fill in the blank 243 fill in the blank 244 fill in the blank 245 fill in the blank 246 fill in the blank 247 fill in the blank 248 fill in the blank 249 fill in the blank 250 Total fill in the blank 251 fill in the blank 252 fill in the blank 253 fill in the blank 254 fill in the blank 255 fill in the blank 256 fill in the blank 257 fill in the blank 258 fill in the blank 259 fill in the blank 260 Net Income fill in the blank 261 fill in the blank 262 fill in the blank 263 fill in the blank 264 fill in the blank 265 fill in the blank 266 fill in the blank 267 fill in the blank 268 fill in the blank 269 fill in the blank 270 Total fill in the blank 271 fill in the blank 272 fill in the blank 273 fill in the blank 274 fill in the blank 275 fill in the blank 276 fill in the blank 277 fill in the blank 278 fill in the blank 279 fill in the blank 280 5. COMPPRO.02.01.PART.7 Question Content Area Comprehensive Problem 2 Part 7: You must complete parts 1, 2, 3, 4 and 6 before completing part 7. Part 5 is the optional work sheet. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Palisade Creek Co. Adjusted Trial Balance May 31, 20Y6 Account Debit Balances Credit Balances Cash fill in the blank 1 fill in the blank 2 Accounts Receivable fill in the blank 3 fill in the blank 4 Inventory fill in the blank 5 fill in the blank 6 Estimated Returns Inventory fill in the blank 7 fill in the blank 8 Prepaid Insurance fill in the blank 9 fill in the blank 10 Store Supplies fill in the blank 11 fill in the blank 12 Store Equipment fill in the blank 13 fill in the blank 14 Accumulated Depreciation-Store Equipment fill in the blank 15 fill in the blank 16 Accounts Payable fill in the blank 17 fill in the blank 18 Salaries Payable fill in the blank 19 fill in the blank 20 Customers Refunds Payable fill in the blank 21 fill in the blank 22 Common Stock fill in the blank 23 fill in the blank 24 Retained Earnings fill in the blank 25 fill in the blank 26 Dividends fill in the blank 27 fill in the blank 28 Sales fill in the blank 29 fill in the blank 30 Cost of Goods Sold fill in the blank 31 fill in the blank 32 Sales Salaries Expense fill in the blank 33 fill in the blank 34 Advertising Expense fill in the blank 35 fill in the blank 36 Depreciation Expense fill in the blank 37 fill in the blank 38 Store Supplies Expense fill in the blank 39 fill in the blank 40 Miscellaneous Selling Expense fill in the blank 41 fill in the blank 42 Office Salaries Expense fill in the blank 43 fill in the blank 44 Rent Expense fill in the blank 45 fill in the blank 46 Insurance Expense fill in the blank 47 fill in the blank 48 Miscellaneous Administrative Expense fill in the blank 49 fill in the blank 50 Total fill in the blank 51 fill in the blank 52 6. COMPPRO.02.01.PART.8 Question Content Area Comprehensive Problem 2 Part 8: You must complete parts 1, 2, 3, 4, 6 and 7 before attempting to complete part 8. Note: Part 5 is the optional worksheet. 1. Prepare a multiple-step income statement. Palisade Creek Co. Income Statement For the Year Ended May 31, 20Y6 Line Item Description Amount Amount Amount $ fill in the blank 2 fill in the blank 4 fill in the blank 6 Expenses: Selling expenses: $ fill in the blank 8 fill in the blank 10 fill in the blank 12 fill in the blank 14 fill in the blank 16 Total selling expenses $ fill in the blank 17 Administrative expenses: $ fill in the blank 19 fill in the blank 21 fill in the blank 23 fill in the blank 25 Total administrative expenses fill in the blank 26 Total expenses fill in the blank 27 Net income $ fill in the blank 28 2. Prepare a statement of stockholders equity. Assume that additional common stock of $10,000 was issued in January 20Y6. Palisade Creek Co. Statement of Stockholders Equity For the Year Ended May 31, 20Y6 Line Item Description Common Stock Retained Earnings Total $fill in the blank 30 $fill in the blank 31 $fill in the blank 32 fill in the blank 34 fill in the blank 35 fill in the blank 37 fill in the blank 38 fill in the blank 40 fill in the blank 41 $fill in the blank 43 $fill in the blank 44 $fill in the blank 45 3. Prepare a balance sheet. Palisade Creek Co. Balance Sheet May 31, 20Y6 Line Item Description Amount Amount Assets Current assets: $fill in the blank 47 fill in the blank 49 fill in the blank 51 fill in the blank 53 fill in the blank 55 fill in the blank 57 Total current assets $fill in the blank 58 Property, plant, and equipment: $fill in the blank 60 fill in the blank 62 Total property, plant, and equipment fill in the blank 63 Total assets $fill in the blank 64 Liabilities Current liabilities: $fill in the blank 66 fill in the blank 68 fill in the blank 70 Total liabilities $fill in the blank 71 Stockholders Equity $fill in the blank 73 fill in the blank 75 Total stockholders equity fill in the blank 76 Total liabilities and stockholders equity $fill in the blank 77 7. COMPPRO.02.01.PART.9 Question Content Area Comprehensive Problem 2 Part 9: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9. Part 5 is the optional worksheet. Journalize the closing entries. Then post the journal to the general ledger you created in part 1. Indicate closed accounts by inserting a line in both the balance columns opposite the closing entry. Insert the new balance in the retained earnings account. If an amount box does not require an entry, leave it blank. Date Description Post. Ref. Debit Credit May 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33 fill in the blank 35 fill in the blank 36 May 31 fill in the blank 38 fill in the blank 39 fill in the blank 41 fill in the blank 42 8. COMPPRO.02.01.PART.10 Question Content Area Comprehensive Problem 2 Part 10: You must complete parts 1, 2, 3, 4, 6, 7, 8 and 9 before attempting to complete part 10. Part 5 is the optional worksheet. Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank. Palisade Creek Co. Post-Closing Trial Balance May 31, 20Y6 Account Debit Balances Credit Balances Cash fill in the blank 1 fill in the blank 2 Accounts Receivable fill in the blank 3 fill in the blank 4 Inventory fill in the blank 5 fill in the blank 6 Estimated Returns Inventory fill in the blank 7 fill in the blank 8 Prepaid Insurance fill in the blank 9 fill in the blank 10 Store Supplies fill in the blank 11 fill in the blank 12 Store Equipment fill in the blank 13 fill in the blank 14 Accumulated Depreciation-Store Equipment fill in the blank 15 fill in the blank 16 Accounts Payable fill in the blank 17 fill in the blank 18 Salaries Payable fill in the blank 19 fill in the blank 20 Customers Refunds Payable fill in the blank 21 fill in the blank 22 Common Stock fill in the blank 23 fill in the blank 24 Retained Earnings fill in the blank 25 fill in the blank 26 Total fill in the blank 27 fill in the blank 28

Part 1 and Part 2: Palisade Creek C0. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20 y 6 (unless otherwise indicated), are as follows. Assume all accounts have normal balances. 312Dividends410Sales510CostofGoodsSold520SalesSalariesExpense521AdvertisingExpense522DepreciationExpense523StoreSuppliesExpense529MiscellaneousSellingExpense530officeSalariesExpense531RentExpense532InsuranceExpense$135,0005,069,0002,823,000664,800281,00012,600382,10083,7007,800 Part 1 and Part 2: Palisade Creek C0. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20 y 6 (unless otherwise indicated), are as follows. Assume all accounts have normal balances. 312Dividends410Sales510CostofGoodsSold520SalesSalariesExpense521AdvertisingExpense522DepreciationExpense523StoreSuppliesExpense529MiscellaneousSellingExpense530officeSalariesExpense531RentExpense532InsuranceExpense$135,0005,069,0002,823,000664,800281,00012,600382,10083,7007,800