Comprehensive Problem 2 Part 4 and 6: Note: You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6. Part 5 is an optional work sheet. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6 a. Merchandise inventory on May 31 $585,200 b. Insurance expired during the year Store supplies on hand on May 31 4,000 d. Depreciation for the current year 14,000 1 e. Accrued salaries on May 31: 12,000 Sales salaries $7,000 Office salaries 6,600 13,600 The adjustment for customer refunds and allowance is $60,000, 6. Journalize the adjusting entnes If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts and 2 Page 22 Date Description Post. Ref. Debit Credit Adjusting Entries 2012 May 31 Accounts Receivable Check My Work 3 more Check My Worces remaining Next > Print Item Palisade Creek Co. Adjusted Trial Balance May 31, 2017 Debit Balances Credit Balances Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense Check My Work 3 mor Chery My Work Comprehensive Problem 2 Part 4 and 6: Note: You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6. Part 5 is an optional work sheet. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6 a. Merchandise inventory on May 31 $585,200 b. Insurance expired during the year Store supplies on hand on May 31 4,000 d. Depreciation for the current year 14,000 1 e. Accrued salaries on May 31: 12,000 Sales salaries $7,000 Office salaries 6,600 13,600 The adjustment for customer refunds and allowance is $60,000, 6. Journalize the adjusting entnes If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts and 2 Page 22 Date Description Post. Ref. Debit Credit Adjusting Entries 2012 May 31 Accounts Receivable Check My Work 3 more Check My Worces remaining Next > Print Item Palisade Creek Co. Adjusted Trial Balance May 31, 2017 Debit Balances Credit Balances Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense Check My Work 3 mor Chery My Work
