Required: 1. 2. 3. 4. 5. 6. 7. The unadjusted trial balance has been entered on a 10-column end-of-period spreadsheet (work sheet) for you. Complete the spreadsheet using the following adjustment data a b c d e f Physcial inventory count on June 30 Store supplies used during the month. Insurance expired during the Month Depreciation for the current month Accrued salaries on June 30: Sales salaries Office salaries Total Amount 96,200 3,050 850 1,000 3,200 2,400 5,600 The adjustment for customer returns and allowances is $4,500 for sales with $2,600 in related cost of goods sold. The Company uses the percent of credit sales method of estimated uncollectible accounts expense. Based on past history and industry averages, 1% of credit sales are expected to be uncollectible. For this part of the scenario, assume all sales are credit sales. Journalize the adjusting entries. Post the adjusting entries to the general Ledger Prepare a multiple-step income statement. Prepare a statement of stockholders' equity. Prepare a balance sheet. Report receivables net of the allowance as demonstrated on page 428 of the text. Journalize the closing entries. Then post the closing entries to the general ledger , Prepare a post-closing trial balance. (bonus points) Purchase Date May 6 May 16 Widget Inventory Quantity 10 75 DATE 2024 une Unit Cost POST. REF. 115 21 Sl,OOOin frei ht 11 41 51 115 21 11 11 212 Total Cost 1 2 3 4 6 7 8 9 1 11 12 13 14 15 16 1 19 2 21 22 23 2 25 26 27 2 29 3 31 32 33 34 35 3 CCOUNT NAME 1 Cash 2 ccounts Receivable GENERAL JOURNAL DESCRIPTION 23 Inventory Accounts Pa able Bou t 100 wid ets from Martin Co. 1/10, N30 includin 26 cash Sales Visa Sales of 11 wid 26 Cost of oods sold Invento Cost of visa sales 29 Accounts ayable Invento Cash e ts 510 $ 525 $ Pa e: DEBIT ss,54000 12,60000 7,200.00 55,540.00 2,700.00 1,57500 5,100.00 39,375.00 44,475.00 73 CREDIT 12,600.00 7,200.00 Purchased 100 widgets on account from Martin Co., terms 1/10, n/30, FOB shipping point, $55,540, including freight Of $1,540. Sold 14 widgets with a list price of $12,800 to a Customer who used their gold VISA and who redeemed $200 of point-of-sale coupons. We use the FIFO inventory method (see the FIFO Inventory schedule tab) Paid for the merchandise purchased on June 20 from Martin Co. 540.00 55540-1,540 freight=54000x.01 -540 Paid Martin Co within terms 30 Customers Refunds Payable Cash Korman returned 3 widgets 30 Invento Estimated Returns Inventory Cost of the three widgets returned 30 Accounts Receivable Allowance for uncollectible accounts Re-establish the receivable 30 cash Accounts receivable Cash received by Parker Co for written off debt Paid Martin Co within terms 11 IIS 116 112 113 11 112 10,000.00 10,000.00 55,00000 2,700.00 1,575.00 10,000.00 10,000.00 Paid a cash refund of $2,700 for returned 3 widgets from the VISA sale of June 26. The widgets returned were part of the last layer in the Original sale cost wise. Parker Co, a customer whose account was previously written off as uncollectible, has paid $10,000 towards his delinquent (past due and written off) balance. Palisade Creek Co Worksheet For the month June 30, 2023 - INCOME STATEMENT u O Caro BALANCE SHEET TRIAL DEBIT 58,620.00 263,900.00 93,850.00 24,925.00 4,800.00 650,000.00 15,000.00 275,200.00 70,650.00 25,500.00 7,850.00 39,800.00 7,390.00 65000 BALANCE CREDIT 31,200.00 75,000.00 20,250.00 46,800.00 100,000.00 502,475.00 ADJUSTMENTS ADJUSTED TRIAL BALANCE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 3 Allowance for Uncollectible Accounts Inventory 5 Estimated Returns Inventory Prepaid Insurance Store Supplies 8 Store Equipment Accumulated DepreciationStore Equipment 1 ccounts Payable 11 Salaries Payable 12 Customers Refunds Payable 13 Common Stock 14 Retained Earnings IS Dividends 1 Sales 1 Cost of Goods Sold 18 Sales Salaries Expense 19 Advertising Expense 2 Depreciation Expense 21 Store Su lies Expense 22 Miscellaneous Selling Expense 23 Office Salaries Expense 24 Rent Expense 25 Insurance Expense 2 Miscellaneous Administrative Expense 2 Bad Debt Expense 29 29 Net income 3 31 32 33 34