1. The unadjusted trial balance has been entered on a 10-column end-of-period spreadsheet (work sheet) for you. Complete the spreadsheet using the following adjustment data Amount a Physcial inventory count on June 30 $582,000 b Store supplies used during the month. 1,000 c Insurance expired during the Month 2,000 d Depreciation for the current month 1,150 e Accrued salaries on June 30: Sales salaries $6,000 Office salaries 2,500 Total 8,500 f The adjustment for customer returns and allowances is $4,500 for sales with $2,600 in related cost of goods sold. g The Company uses the percent of credit sales method of estimated uncollectible accounts expense. Based on past history and industry averages, 2% of credit sales are expected to be uncollectible. 2. Journalize the adjusting entries. Post the adjusting entries to the general Ledger 3. Prepare a multiple-step income statement. 4. Prepare a statement of stockholders equity. 5. Prepare a balance sheet. Report receivables net of the allowance as demonstrated on page 428 of the text. 6. Journalize the closing entries. Then post the closing entries to the general ledger . 7. Prepare a post-closing trial balance. (bonus points) GENERAL JOURNAL Page: 175 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 June 30 Inventory 582,000.00 2 Purchases 582,000.00 3 June 30 Supplies Expense 1,000.00 4 Supplies 1,000.00 5 June 30 Insurance expense 2,000.00 6 Prepaid insurance 2,000.00 7 June 30 Depreciation Expense 1,150.00 8 Accumulated Depreciation 1,150.00 9 June 30 Sales Salaries 6,000.00 10 Office Salaries 2,500.00 11 Salaries Payable 8,500.00 12 June 30 Returns and Allowances 13 Cost of goods sold 14 Inventory GENERAL JOURNAL Page: 176 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 GENERAL LEDGER ACCOUNT: Cash ACCOUNT NO: 110 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 103,525.00 ACCOUNT: Accounts Receivable ACCOUNT NO: 112 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 285,938.00 ACCOUNT: Allowance for Uncollectible Accounts ACCOUNT NO: 113 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 53,203.00 ACCOUNT: Inventory ACCOUNT NO: 115 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 564,500.00 ACCOUNT: Estimated Returns Inventory ACCOUNT NO: 116 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 38,200.00 ACCOUNT: Prepaid Insurance ACCOUNT NO: 117 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 4,800.00 ACCOUNT: Store Supplies ACCOUNT NO: 118 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 12,850.00 ACCOUNT: Store Equipment ACCOUNT NO: 123 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 569,500.00 ACCOUNT: Accumulated Depreciation, Store Equipment ACCOUNT NO: 124 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 70,700.00 ACCOUNT: Accounts Payable ACCOUNT NO: 210 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 40,250.00 ACCOUNT: Salaries Payable ACCOUNT NO: 211 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: Customers Refunds Payable ACCOUNT NO: 212 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 59,500.00 ACCOUNT: Common Stock ACCOUNT NO: 310 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 100,000.00 ACCOUNT: Retained Earnings ACCOUNT NO: 311 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 1,196,200.00 ACCOUNT: Dividends ACCOUNT NO: 312 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 10,000.00 ACCOUNT: Sales ACCOUNT NO: 410 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 420,000.00 ACCOUNT: Cost of Goods Sold ACCOUNT NO: 510 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 222,000.00 ACCOUNT: Sales Salaries Expense ACCOUNT NO: 520 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 60,650.00 ACCOUNT: Advertising Expense ACCOUNT NO: 521 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 24,000.00 ACCOUNT: Depreciation Expense ACCOUNT NO: 522 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: Store Supplies Expense ACCOUNT NO: 523 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: Miscellaneous Selling Expense ACCOUNT NO: 529 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 1,050.00 ACCOUNT: Office Salaries Expense ACCOUNT NO: 530 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 34,800.00 ACCOUNT: Rent Expense ACCOUNT NO: 531 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 7,390.00 ACCOUNT: Insurance Expense ACCOUNT NO: 532 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT: Miscellaneous Administrative Expense ACCOUNT NO: 539 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 2023 June 30 Balance 650.00 ACCOUNT: Bad Debt Expense ACCOUNT NO: 545 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT Creekside Company Worksheet For the month ended June 30, 2023 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 1 Cash 103,525.00 2 Accounts Receivable 285,938.00 3 Allowance for Uncollectible Accounts 53,203.00 4 Inventory 564,500.00 5 Estimated Returns Inventory 38,200.00 6 Prepaid Insurance 4,800.00 7 Store Supplies 12,850.00 8 Store Equipment 569,500.00 9 Accumulated DepreciationStore Equipment 70,700.00 10 Accounts Payable 40,250.00 11 Salaries Payable - 12 Customers Refunds Payable 59,500.00 13 Common Stock 100,000.00 14 Retained Earnings 1,196,200.00 15 Dividends 10,000.00 16 Sales 420,000.00 17 Cost of Goods Sold 222,000.00 18 Sales Salaries Expense 60,650.00 19 Advertising Expense 24,000.00 20 Depreciation Expense - 21 Store Supplies Expense - 22 Miscellaneous Selling Expense 1,050.00 23 Office Salaries Expense 34,800.00 24 Rent Expense 7,390.00 25 Insurance Expense - 26 Miscellaneous Administrative Expense 650.00 27 Bad Debt Expense - 28 1,939,853.00 1,939,853.00 29 Net income 30 - 31 32 33 34 Creekside Company Income Statement For the month ended June 30, 2023 Sales Cost of goods sold Gross profit Selling expenses: Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Total selling expenses Administrative expenses: Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense Bad Debt Expense Total administrative expenses Total expenses Net income Creekside Company Statement of Stockholders Equity For the month ended June 30, 2023 Common Stock Retained Earnings Total Stockholders' Equity Beginning balance June 1, 2023 Issuance of common stock Add: Net income (or Less: Net loss) Less: Dividends Ending balance June 30, 2023 Creekside Company Post-Closing Trial Balance June 30, 2023 Account Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated DepreciationStore Equipment Accounts Payable Salaries Payable Customers Refunds Payable Common Stock Retained Earnings Dividends Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense Bad Debt Expense