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, 2016 (unless otherwise indicated), are as follows. Assume all accounts have normal balances. 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 2,823,000 116 Estimated Returns Inventory 28,000 520 Sales Salaries Expense 664,800 117 Prepaid Insurance 118 Store Supplies 16,800 11,400 522 Depreciation Expense 521 Advertising Expense 281,000 123 Store Equipment 569,500 523 Store Supplies Expense 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 211 Salaries Payable - 529 Miscellaneous Selling Expense 96,600 530 Office Salaries Expense 531 Rent Expense 212 Customers Refunds Payable 50,000 310 Common Stock 12,600 382,100 83,700 532 Insurance Expense 100,000 539 Miscellaneous Administrative Expense 7,800 311 Retained Earnings 585,300 539 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. May 1: Paid rent for May, $5,000. Date May 1 Description Post. Ref. Debit Credit