Comp Net income: 5741,855 Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 2016 (unless otherwise indicated), are as follows: 110 Cash $ 83,600 312 Dividends $ 135,000 112 Accounts Receivable 233,900 410 Sales 5,069,000 115 Inventory 624.400 510 Cost of Goods Sold 2823,000 116 Estimated Returns Inventory 28,000 520 Sales Salaries Expense 664,800 117 Prepaid Insurance 16,800 521 Advertising Expense 281,000 118 Store Supplies 11,400 522 Depreciation Expense 123 Store Equipment 569,500 523 Store Supplies Expense 124 Accumulated Depreciation- 529 Miscellaneous Selling Expense 12,600 Store Equipment 56,700 530 Office Salaries Expense 382,100 210 Accounts Payable 96,600 531 Rent Expense 83,700 211 Salaries Payable 532 Insurance Expense 212 Customers Refunds Payable 50,000 539 Miscellaneous Administrative 100,000 310 Common Stock Expense 7,800 311 Retained Earnings 585,300 During May, the last month of the fiscal year, the following transactions were completed May 1 Paid rent for May, $5,000 3. Purchased merchandise on account from Martin Co, terms 2/10, n/30, FOB shipping point. $36,000 (Continued) Ches Model May en account to Koncom rooting points. The de sol 22.00 cachotada chander torch 14.000 The control 22.000 astformade ched on May pense for at of May, 510.000 seved chokery Purchased werden for 1933450 ulkomenhefund of 112 formed and from the turned merchandises and the cost of the merchandise was 54.000 Record the confermal May Sold menuntutto Crescent Com, Fopping pont 510. The cost of good w 170.000 11. for the convenience scent capable of May 20, 52.300 21 R42. cachondeco 21. Puchand mera norma Cotem 1/100, 10 destination 85.000 meddigd methodo phed on May 2Leiving and memo from the letos. Moded cash forcat 7.500 The cost of the mechando med 4000 28. haaste onders of 22.000 29 Puchanted to supplies for cash: 51.400. 10 Sold hands on account tourner Comm/10, FB shipping point 578.750. The cost of the podrow SAT.000 10 Rederved cash from led May 20 plus right on May 1 11 May 21, un May 26 Instructions 1. Enter walances of each of the accounts in the appropriate balance column of four.com Wie in the section, and place a check mark in the Posting Here malum Jumalow the transactions for May, starting on age 20 of the journal How the pomal to the general ledger, extending the month end halances to the appropriate ance conter all posting is completed in this problem, you are not required to update post to the account male and its payable subsidiary lodgers Prepare an adjusted trial balance At the end of May, the following ustment data were embled. Analyze and use these da to complete (53 and Into My 31 5570.000 pred during the year 12.000 Store supplies on and on May 31 4000 Deprecaon for the current year 14.000 Accrued salmon May 1 57.000 6.600 The aitment for customer returns and lowancesa S. for sales and 535.000 1.000 rest of good old copal Enter the adjusted trial balance on a 16-column end-of-period spreadsheets sheet, and complete the spreadsheet 6 Journal and post the centric Record the aducing tries on Page 22 of the 7. Prepare an adjusted trial balance Prepare an income statement, a tement of stockholders equity, and a balance sheet. A that deal commock of $10,000 wa ued in January 2016 9. Prepare and post the closing entries Record the closing entries on Page 23 of the journal Indicate dened accounts by insertinga tine in both the Balance columns opposite the dining en Insert the new haline in the retained earnings account 10. Prepare a posidosing trial balance Comp Net income: 5741,855 Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 2016 (unless otherwise indicated), are as follows: 110 Cash $ 83,600 312 Dividends $ 135,000 112 Accounts Receivable 233,900 410 Sales 5,069,000 115 Inventory 624.400 510 Cost of Goods Sold 2823,000 116 Estimated Returns Inventory 28,000 520 Sales Salaries Expense 664,800 117 Prepaid Insurance 16,800 521 Advertising Expense 281,000 118 Store Supplies 11,400 522 Depreciation Expense 123 Store Equipment 569,500 523 Store Supplies Expense 124 Accumulated Depreciation- 529 Miscellaneous Selling Expense 12,600 Store Equipment 56,700 530 Office Salaries Expense 382,100 210 Accounts Payable 96,600 531 Rent Expense 83,700 211 Salaries Payable 532 Insurance Expense 212 Customers Refunds Payable 50,000 539 Miscellaneous Administrative 100,000 310 Common Stock Expense 7,800 311 Retained Earnings 585,300 During May, the last month of the fiscal year, the following transactions were completed May 1 Paid rent for May, $5,000 3. Purchased merchandise on account from Martin Co, terms 2/10, n/30, FOB shipping point. $36,000 (Continued) Ches Model May en account to Koncom rooting points. The de sol 22.00 cachotada chander torch 14.000 The control 22.000 astformade ched on May pense for at of May, 510.000 seved chokery Purchased werden for 1933450 ulkomenhefund of 112 formed and from the turned merchandises and the cost of the merchandise was 54.000 Record the confermal May Sold menuntutto Crescent Com, Fopping pont 510. The cost of good w 170.000 11. for the convenience scent capable of May 20, 52.300 21 R42. cachondeco 21. Puchand mera norma Cotem 1/100, 10 destination 85.000 meddigd methodo phed on May 2Leiving and memo from the letos. Moded cash forcat 7.500 The cost of the mechando med 4000 28. haaste onders of 22.000 29 Puchanted to supplies for cash: 51.400. 10 Sold hands on account tourner Comm/10, FB shipping point 578.750. The cost of the podrow SAT.000 10 Rederved cash from led May 20 plus right on May 1 11 May 21, un May 26 Instructions 1. Enter walances of each of the accounts in the appropriate balance column of four.com Wie in the section, and place a check mark in the Posting Here malum Jumalow the transactions for May, starting on age 20 of the journal How the pomal to the general ledger, extending the month end halances to the appropriate ance conter all posting is completed in this problem, you are not required to update post to the account male and its payable subsidiary lodgers Prepare an adjusted trial balance At the end of May, the following ustment data were embled. Analyze and use these da to complete (53 and Into My 31 5570.000 pred during the year 12.000 Store supplies on and on May 31 4000 Deprecaon for the current year 14.000 Accrued salmon May 1 57.000 6.600 The aitment for customer returns and lowancesa S. for sales and 535.000 1.000 rest of good old copal Enter the adjusted trial balance on a 16-column end-of-period spreadsheets sheet, and complete the spreadsheet 6 Journal and post the centric Record the aducing tries on Page 22 of the 7. Prepare an adjusted trial balance Prepare an income statement, a tement of stockholders equity, and a balance sheet. A that deal commock of $10,000 wa ued in January 2016 9. Prepare and post the closing entries Record the closing entries on Page 23 of the journal Indicate dened accounts by insertinga tine in both the Balance columns opposite the dining en Insert the new haline in the retained earnings account 10. Prepare a posidosing trial balance