answer part 7

Comprehensive Problem? Part 1 and Part 2 Parade Canales parenteram. The account in for Patie Creek of May 1, 2016 Cunless otherwise indicated), we fotos. Acte nemal batas 110 ca 13,500 312 Dividence 112 Accounts Receivable 23.500 410 S 5.000.000 115 Tentory 4.400 510 Cast of Goods 7.833,000 116 Estimated Returns twentory 20.000 530 Sales Expense 64.800 117 Prepaid ruce 16.000 # Advertising Expense 281.000 118 Store Supplies 11.400 522 Depreciation Expen 123 Store qui 569.500 523 Store Supplies Expense 124 Accumulated Depreciation Store pupment 1.700 529 Miscellaneous Selling Expense 12.600 230 Accounts Payable 9,600 530 Office Sales Expense 32.100 211 Series Payable 531 Rent Expense 83,700 212 Ostomers Nefunds Payable 50,000 532 Insurance Expense 310 Commons Stock 100,000 539 Miscellaneous Amitive Expense 311 Retained Earnings 585,300 539 Part 11 Journalize the transactions below for May, the last month of the fiscal year. If an amount box does not require entry, leave it blank 7.000 Debit Credit May It Paid rent for May, 55,000 Date Description Post. Ret. May 1 Rent Expense Cash 5,000 5,000 May 3: Purchased merchandise on account from Martin Co. terms 2/10, 130. FOB shipping point. 536,000. Post Date Description Debit Credit Ref. 36,000 May 3 Inventory Accounts Payable Martin Co. 36,000 X Credit May 4: Paid freight on purchase of May 3. 5600 Date Description Post, Rel. Debit May 4 Inventory 600 Cash 600 May 6: Sold merchandise on account to Korman Co., terms 2/10,30, FOB shipping point, $60,500. The cost of the goods sold was $41,000. Post. Date Description Debit Credit Rel. May 6-Sales Accounts Receivable Korman Co 68,500 Sales 68,500 41,000 May 6-Cost Cost of Goods Sold Inventory 41,000 Comprehensive Problem 2 Comprehensive Problem 2 Part 3 NOTE: You must complete parts and before completing part 3 Prepare an unadjusted trance famount box does not require an entry lewe lank Palisade Croce Unadjusted Trial Balance May 31, 2016 Debat Credit cant B3,600 x Accounts Receivable 233,900X Inventory 624,400 X 20,000 X 16.000 11,400 X 569.500 Estimated to recor Prepaid insurance Store Supplies store Equipment Accumulated Depreciation Store Equipment Accounts Payable Salaries Payable Customers Refunds Payable 55,700 56,600 x O 50,000 X Common stock 100.000 585,300 Furtained Earnings Dividends 135,000 5,069,000 X Sales cost of Goods Sold 2,823,000 X 664,800 X Sales salaries Expense Advertising Expense Depreciation Expense 241,000 X 0 0 Store Supplies Expense Miscellaneous Seling Expense Office Salaries Expertise 12,600 382,100 X Rent Expense 83,700 x Insurance Expense Miscellaneous Administrative Expense 7.300 5,917.600 X 5,917,600X Choo Accounts with debit balance should be placed in the Debit column and those with credit balances are placed in the Credit column. When Dinslied, the column total nust be equal. Comprehensive Problem 2 Comprehensive Problem 2 Part 4 and 6 Note: You must complete parts 1.2 and before attempting to complete part 4 and part 6 Part 5 is an optional worksheet 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6 Inventory on May 31 $570,000 b. Insurance expired during the year 12.000 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 13.600 The adjustment for customer returns and allowance is $60,000 for sales and $35,000 for cost of goods sold 6. Journalize the adjusting entries. If an amount hox 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 2016 May 31 Cost of Goods Sold 11,950 Inventory 13,950 May 31 12.000 Insurance Expense Prepaid Insurance 12,000 May 31 9,800 Store Supplies Expense Store Supplies 9,800 14,000 May 31 Depreciation Expense Accumulated Depreciation Store Equipment 14,000 7,000 May 31 Safes salaries Expense Office Salaries Expense Salaries Payable 6,600 13,600 May 31 Sales 60,000 Customer Refunds Payabile 60,000 Estimated Returns Tiventory 35,000 IMUY 31 35,000 Cost of Goods Sold Feedback Comprehensive Problem 2 Comprehensive Problem 2 Part 7 You must complete parts 1, 2, 3, 4 and 6 before completing part 7 Part 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, 2016 Debit Credit Accounts Receivable Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation Store Equipment Accounts Payable Satarses 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 Comprehensive Problem? Part 1 and Part 2 Parade Canales parenteram. The account in for Patie Creek of May 1, 2016 Cunless otherwise indicated), we fotos. Acte nemal batas 110 ca 13,500 312 Dividence 112 Accounts Receivable 23.500 410 S 5.000.000 115 Tentory 4.400 510 Cast of Goods 7.833,000 116 Estimated Returns twentory 20.000 530 Sales Expense 64.800 117 Prepaid ruce 16.000 # Advertising Expense 281.000 118 Store Supplies 11.400 522 Depreciation Expen 123 Store qui 569.500 523 Store Supplies Expense 124 Accumulated Depreciation Store pupment 1.700 529 Miscellaneous Selling Expense 12.600 230 Accounts Payable 9,600 530 Office Sales Expense 32.100 211 Series Payable 531 Rent Expense 83,700 212 Ostomers Nefunds Payable 50,000 532 Insurance Expense 310 Commons Stock 100,000 539 Miscellaneous Amitive Expense 311 Retained Earnings 585,300 539 Part 11 Journalize the transactions below for May, the last month of the fiscal year. If an amount box does not require entry, leave it blank 7.000 Debit Credit May It Paid rent for May, 55,000 Date Description Post. Ret. May 1 Rent Expense Cash 5,000 5,000 May 3: Purchased merchandise on account from Martin Co. terms 2/10, 130. FOB shipping point. 536,000. Post Date Description Debit Credit Ref. 36,000 May 3 Inventory Accounts Payable Martin Co. 36,000 X Credit May 4: Paid freight on purchase of May 3. 5600 Date Description Post, Rel. Debit May 4 Inventory 600 Cash 600 May 6: Sold merchandise on account to Korman Co., terms 2/10,30, FOB shipping point, $60,500. The cost of the goods sold was $41,000. Post. Date Description Debit Credit Rel. May 6-Sales Accounts Receivable Korman Co 68,500 Sales 68,500 41,000 May 6-Cost Cost of Goods Sold Inventory 41,000 Comprehensive Problem 2 Comprehensive Problem 2 Part 3 NOTE: You must complete parts and before completing part 3 Prepare an unadjusted trance famount box does not require an entry lewe lank Palisade Croce Unadjusted Trial Balance May 31, 2016 Debat Credit cant B3,600 x Accounts Receivable 233,900X Inventory 624,400 X 20,000 X 16.000 11,400 X 569.500 Estimated to recor Prepaid insurance Store Supplies store Equipment Accumulated Depreciation Store Equipment Accounts Payable Salaries Payable Customers Refunds Payable 55,700 56,600 x O 50,000 X Common stock 100.000 585,300 Furtained Earnings Dividends 135,000 5,069,000 X Sales cost of Goods Sold 2,823,000 X 664,800 X Sales salaries Expense Advertising Expense Depreciation Expense 241,000 X 0 0 Store Supplies Expense Miscellaneous Seling Expense Office Salaries Expertise 12,600 382,100 X Rent Expense 83,700 x Insurance Expense Miscellaneous Administrative Expense 7.300 5,917.600 X 5,917,600X Choo Accounts with debit balance should be placed in the Debit column and those with credit balances are placed in the Credit column. When Dinslied, the column total nust be equal. Comprehensive Problem 2 Comprehensive Problem 2 Part 4 and 6 Note: You must complete parts 1.2 and before attempting to complete part 4 and part 6 Part 5 is an optional worksheet 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6 Inventory on May 31 $570,000 b. Insurance expired during the year 12.000 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 13.600 The adjustment for customer returns and allowance is $60,000 for sales and $35,000 for cost of goods sold 6. Journalize the adjusting entries. If an amount hox 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 2016 May 31 Cost of Goods Sold 11,950 Inventory 13,950 May 31 12.000 Insurance Expense Prepaid Insurance 12,000 May 31 9,800 Store Supplies Expense Store Supplies 9,800 14,000 May 31 Depreciation Expense Accumulated Depreciation Store Equipment 14,000 7,000 May 31 Safes salaries Expense Office Salaries Expense Salaries Payable 6,600 13,600 May 31 Sales 60,000 Customer Refunds Payabile 60,000 Estimated Returns Tiventory 35,000 IMUY 31 35,000 Cost of Goods Sold Feedback Comprehensive Problem 2 Comprehensive Problem 2 Part 7 You must complete parts 1, 2, 3, 4 and 6 before completing part 7 Part 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, 2016 Debit Credit Accounts Receivable Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation Store Equipment Accounts Payable Satarses 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