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Palisade Creek Co. is a merchandising business that uses the The acoount balances for Palisade Creek Co. as of May 1, 20 Y7 (unsess otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Record the following transnctions an page 20 of the joumat, May 20 Sold merchandise on accourt to Crescent Co, terms 170, n30. Fog shipping point, 5110.000. The cost of the merchandise sold was 570.000. 21 For the convenience of Crescert Co. paid freight on sale of May 20, 52,300 . 21 Feceived $42,900cash trom Gee Co, on account. 21 Purchased merchandise on account from Oserman Co. terms 1/10, ni39. FOB destination, 588.000 24 Returned damaged merchandise purchased on May 21, receiving a crest memb from the sellor for $5.000. 26 . Retunded cash on sales made for cash, 5800 . The defective merchandse was not retuined by the custorace. 28. Pald sales salaries of 556,000 and ofice salarles of $29,000. 29 Purchased sione supplies lor cash, 52,400. 30 Sold meichandise os aocount to Turner Co; tems 210, n30. Foe shipping point $78.750. The cost of the merchandise sold was 547,000 . 30 Recoived cashi toom sale of May a0 plus treight paid on May 21 . 31 Paid for puschase of Miy 21. less rehum of May 24. 1. Download the spreadsheot in the Lodgor panef and save the Excel the to your computac. Use the spreadsheet to post the May transactions tom the joumal to a indger of four-column accounts. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as stops in Part 2 of this problem. Your input into the spreadshoot will not oe included in your orade in Cangaganow an this problem. A. Enter the May 1 balances of each of the accounts in the appropriate balunce column of a four-calumn account Enter May 1 in the date column. Whte Belance in se them section, and enter " x "in the Posting Reference column B. Joumalize the transactions foe May, starting on Page 20 of the joumat." 2. Post the foumal to the general ledgar, extending the month-end balances to the appropriast balance columns after all posting is completed. in this problem, you are not required to update or post to the accounts receivabie and accounts payable subsidiary ledgers. Add the appropriato posting reterence to the joumal. 3. Prepare an unadjusted trial baiance. Accounts with zero balances can be lot blank 4. At the end of May the following adjustiment dita were assembied. Arabze and use these clata to complese (5) and (6). - Movchandiso inventary on May 31, 5585,200 - Insurance explied during the year, $12.000 - Store supplies on hand on May 3r, \$4,000 - Depreciation for the current year, $14,000 - Accrued salaries an May 31: Sales salaries, 57,000 OWice salaries, 56,600 Total accrued salariess $13.600 - The adjustment for customer retunds and atcwances is sea.000. 5. (Optional) On your own paper or spreadsheet, enter the unadjusted trial datunce on a tacalumn ond-ot-perlod spreadeheot (work sheoth and compiote the spowatsheet. Find a olank end-ol-period work sheet in the Excel spreadshoet you previousy downiatded. 6. A. Joumalize the adjusting entrias. Record the a afusting enties on Page 22 or the jouma/- B. Past the adjusting entries. Add the aepropelate possing reference to the joumal. 7. Prepare an aqkistod trial balance. Accounts with zovo talances can be litt blank - Rofer to the chart of acsounts for the exact wonding of ine account thes. CNOW joumas do not use ines for foumal explanations. Every ine on a foumal page is used for debit or credt entries. CNOW journals wir automatioaly indent a credt entry when a creot amount is entered