eBook Calculator Part 1 and Part 2: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 11,400 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation-Store Equipment 569,500 56,700 210 Accounts Payable 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable 685,300 Lynn Tolley, Capital, June 1, 2018 135,000 310 311 410 Lynn Tolley, Drawing Sales 5,069,000 2,823,000 510 Cost of Merchandise Sold 664,800 520 Sales Salaries Expense 281,000 521 Advertising Expense Next > 521 Advertising Expense 281,000 522 Depreciation Expense 523 Store Supplies Expense 12,600 529 Miscellaneous Selling Expense 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532 Insurance Expense 539 Miscellaneous Administrative Expense 7,800 Part 1: Using the attached spreadsheet, enter the balances of each of the accounts in the appropriate balance column of a four column account. Write Balance in the item section, and place a check mark (V) in the Posting Reference column. Journalize the transactions for May, the last month of the fiscal year, below. Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers, For a compound transaction, if an amount box does not require an entry, leave it blank or enter "O", May 1: Paid rent for May, $5,000 Description Post. Ref. Debit Credit May 3: Purchased merchandise on account from Martin Co., terms 2/10, 1/30, FOB shipping point, $36,000, Description Post. Ref. Debit Credit May 4: Paid freight on purchase of May 3, $600. Description Post. Ref. Debit Credit May 6: Sold merchandise on account to Korman Co., terms 2/10, 1/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. Description Post. Ref. Debit Credit May 7: Received $22,300 cash from Halstad Co. on account. Description Post. Ref. Debit Credit May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. Description Post. Ref. Debit Credit May 13: Paid for merchandise purchased on May 3 Description Post. Ref. Debit redit m/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false eBook Calculator May 15: Paid advertising expense for last half of May, $11,000. Description Post. Ref. Debit Credit May 16: Received cash from sale of May 6. Description Post. Ref. Debit Credit May 19: Purchased merchandise for cash, $18,700. Description Post. Iaf. Debit Credit May 19: Paid $33,450 to Buttons Co. on account. Description Post. Ref. Debit Credit eBook Calculator May 20: Paid Korman Co, a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500, and the cost of the returned merchandise was $8,000. Description Post. Ref. Debit Credit May 20: Sold merchandise on account to Crescent Co., terms 1/10, 1/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000. Description Post. Ref. Debit Credit May 21: For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. Description Post. Ref. Debit Credit Next > Check My Work 1 more Check My Work uses remaining. May 21: Received $42,900 cash from Gee Co. on account. Description Post. Ref. Debit Credit May 21: Purchased merchandise on account from Osterman Co., terms 1/10, 1/30, FOB destination, $88,000. Description Post. Ref. Debit Credit May 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. Description Post. Kaf. Debit Credit May 26: Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. Description Post. Ref. Debit Credit May 28: Paid sales salaries of $56,000 and office salaries of $29,000. Description Post. Ref. Debit Credit May 29: Purchased store supplies for cash, $2,400. Description Post. Ref. Debit Credit May 30: Sold merchandise on account. Turner Co., terms 2/10, 1/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000. Description Post. Ref. Debit Credit May 30: Received cash from sale of May 20 plus freight paid on May 21. Description Post. Ref. Debit Credit Description Post. Ref. Debit Credit eBook Calculator Part 1 and Part 2: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 11,400 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation-Store Equipment 569,500 56,700 210 Accounts Payable 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable 685,300 Lynn Tolley, Capital, June 1, 2018 135,000 310 311 410 Lynn Tolley, Drawing Sales 5,069,000 2,823,000 510 Cost of Merchandise Sold 664,800 520 Sales Salaries Expense 281,000 521 Advertising Expense Next > 521 Advertising Expense 281,000 522 Depreciation Expense 523 Store Supplies Expense 12,600 529 Miscellaneous Selling Expense 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532 Insurance Expense 539 Miscellaneous Administrative Expense 7,800 Part 1: Using the attached spreadsheet, enter the balances of each of the accounts in the appropriate balance column of a four column account. Write Balance in the item section, and place a check mark (V) in the Posting Reference column. Journalize the transactions for May, the last month of the fiscal year, below. Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers, For a compound transaction, if an amount box does not require an entry, leave it blank or enter "O", May 1: Paid rent for May, $5,000 Description Post. Ref. Debit Credit May 3: Purchased merchandise on account from Martin Co., terms 2/10, 1/30, FOB shipping point, $36,000, Description Post. Ref. Debit Credit May 4: Paid freight on purchase of May 3, $600. Description Post. Ref. Debit Credit May 6: Sold merchandise on account to Korman Co., terms 2/10, 1/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. Description Post. Ref. Debit Credit May 7: Received $22,300 cash from Halstad Co. on account. Description Post. Ref. Debit Credit May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. Description Post. Ref. Debit Credit May 13: Paid for merchandise purchased on May 3 Description Post. Ref. Debit redit m/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false eBook Calculator May 15: Paid advertising expense for last half of May, $11,000. Description Post. Ref. Debit Credit May 16: Received cash from sale of May 6. Description Post. Ref. Debit Credit May 19: Purchased merchandise for cash, $18,700. Description Post. Iaf. Debit Credit May 19: Paid $33,450 to Buttons Co. on account. Description Post. Ref. Debit Credit eBook Calculator May 20: Paid Korman Co, a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500, and the cost of the returned merchandise was $8,000. Description Post. Ref. Debit Credit May 20: Sold merchandise on account to Crescent Co., terms 1/10, 1/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000. Description Post. Ref. Debit Credit May 21: For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. Description Post. Ref. Debit Credit Next > Check My Work 1 more Check My Work uses remaining. May 21: Received $42,900 cash from Gee Co. on account. Description Post. Ref. Debit Credit May 21: Purchased merchandise on account from Osterman Co., terms 1/10, 1/30, FOB destination, $88,000. Description Post. Ref. Debit Credit May 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. Description Post. Kaf. Debit Credit May 26: Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. Description Post. Ref. Debit Credit May 28: Paid sales salaries of $56,000 and office salaries of $29,000. Description Post. Ref. Debit Credit May 29: Purchased store supplies for cash, $2,400. Description Post. Ref. Debit Credit May 30: Sold merchandise on account. Turner Co., terms 2/10, 1/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000. Description Post. Ref. Debit Credit May 30: Received cash from sale of May 20 plus freight paid on May 21. Description Post. Ref. Debit Credit Description Post. Ref. Debit Credit