Comprehensive Problem 2 Part 7: Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows. Assume all accounts have normal balances. 110 Cash 112 Accounts Receivable 115 Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies $83,600 233,900 410 Sales 624,400 510 Cost of Goods Sold 28,000 520 Sales Salaries Expense 16,800 521 Advertising Expense 11,400 522 Depreciation Expense 569,500 523 Store Supplies Expense 529 Miscellaneous Selling Expense 123 Store Equipment 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 96,600 530 Office Salaries Expense 211 Salaries Payable 531 Rent Expense 212 Customers Refunds Payable 50,000 532 Insurance Expense 310 Common Stock 100,000 539 Miscellaneous Administrative Expense 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. - 312 Dividends $135,000 5,069,000 2,823,000 664,800 281,000 12,600 382,100 83,700 - 7,800

Comprehensive Problem 2 Part 1 and Part 2: are as folows. Assume all accounts have nermat belances. May 1 : Poid rent for May, $5,000. Comprehensive Problem 2 Part 1 and Part 2: are as folows. Assume all accounts have nermat belances. May 1 : Poid rent for May, $5,000