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 $1,20$Y$6($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 Depreciation$$Store 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.