Adjusted Trial Balance Shaded cells have feedback. X How does grading work? Palisade Creek Co. Score: 103/103 ADJUSTED TRIAL BALANCE May 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 84,500.00 2 Accounts Receivable 245,875.00 5 Inventory 570,000.00 4 Estimated Returns Inventory 50,200.00 5 Prepaid Insurance 4,800.00 6 Store Supplies 4,000.00 7 Store Equipment 569,500.00 8 Accumulated Depreciation-Store Equipment 70,700.00 9 Accounts Payable 63,150.00 10 Salaries Payable 13,600.00 11 Customers Refunds Payable 89,270.00 12 Common Stock 100,000.00 13 Retained Earnings 585,300.00 14 Dividends 135,000.00 15 Sales 5,316,205.00 16 Cost of Goods Sold 2,991,950.00 17 Sales Salaries Expense 727,800.00 Check My Work All work o HI IL Instructions Chart of Accounts l Joumal Ledger ! Unadjusted Trial Balance Adju Adjusted Trial Balance $ Accumulated Depreciation Store Equipment Shaded cells have feedback. 70,700.00 9 Accounts Payable 63,150.00 10 Salaries Payable 13,600.00 11 Customers Refunds Payable 89,270.00 12 Common Stock 100,000.00 13 Retained Eamings 585,300.00 14 Dividends 135,000.00 15 Sales 5,316,205.00 16 Cost of Goods Sold 2,991,950.00 17 Sales Salaries Expense 727,800.00 18 Advertising Expense 292,000.00 19 Depreciation Expense 14,000.00 9,800.00 20 Store Supplies Expense 21 Miscellaneous Selling Expense 12,600.00 22 Office Salaries Expense 417,700.00 23 Rent Expense 88,700.00 24 Insurance Expense 12,000.00 25 Miscellaneous Administrative Expense 7,800.00 26 Totals 6,238,225.00 6,238,225.00 Points 27 27 Check My Work All wort o D - Chart of Accounts Instructions Labels and Amount Descriptions Journal Ledger Income Statement Retained Earnings Statement Balance Sheet Post-Closing Tral Balance Instructions Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. During May, the last month of the fiscal year, transactions were completed In Part 1 of this problem the accounting cycle was completed up through the preparation of the adjusted trial balance Required: 8. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement, a retained eamings statement, and a balance sheet If you didn't complete the end-of-penod work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement, a retained earnings statement, and a balance sheet * 9. A. Prepare the closing entries. Record the closing entries on Page 23 of the journal Refer to the Chart of Accounts for exact wording of account titles 9. B. Post the closing entries to the ledger of four-column accounts. Add the appropriate posting reference to the journal Insert the new balance in the retained earnings account 10. Prepare a post-closing trial balance Accounts with zero balances can be left blank * For guidance in completing the financial statements, be sure to read the instructions above each statement carefully