hi, please help me complete parts 1-10. I have most of the work done but need help correcting the wrong answers and blank answers

on 113 Ho rint Item mprehensive Problem 2 rt 1 and Part 2: isade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2017 merwise indicated), are as follows: 0 Cash $83,600 233,900 2 Accounts Receivable 5 Merchandise Inventory 7 Prepaid Insurance 652,400 16,800 8 Store Supplies 11,400 569,500 56,700 23 Store Equipment 24 Accumulated Depreciation-Store Equipment 20 Accounts Payable ai Customer Refunds Payable 12 Salaries Payable 10 Lynn Tolley, Capital, June 1, 2076 11 Lynn Tolley, Drawing 96,600 50,000 685,300 135,000 31 Sales 5.069 0 My Work Omore Check My Work uses remaining Email Instructor Save and Exit Submit Assignin Print Item Tune Drawing 1955; 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 664,800 281,000 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 12,600 382,100 531 Rent Expense 83,700 532 Insurance Expense 539 Miscellaneous Administrative Expense 7,800 Part 1: Using the attached spreadsheet, 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 colum In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. If an amount box does not require an entry, leave it blank. May 1: Paid rent for May, $5,000. Description Post. Ref. Debit Credit Check My Work O more Check My Work uses remaining, Cash 84,500 Accounts Receivable 245,875 583,950 16,800 Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment 13,800 569,500 56,700 Accounts Payable 63,150 29,270 Customer Refunds Payable Salaries Payable 0 0 Lynn Tolley, Capital 685,300 Lynn Tolley, Drawing 135,000 Sales 5,376,205 3,013,000 720,800 Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense 292,000 0 Store Supplies Expense 0 Accounts Payable 63,150 29,270 Customer Refunds Payable Salaries Payable Lynn Tolley, Capital 0 685,300 Lynn Tolley, Drawing 135,000 Sales 5,376,205 Cost of Merchandise Sold 3,013,000 Sales Salaries Expense 720,800 Advertising Expense 292,000 0 0 Depreciation Expense Store Supplies Expense 0 Miscellaneous Selling Expense 12,600 Office Salaries Expense 411,100 Rent Expense 88,700 o Insurance Expense Miscellaneous Administrative Expense 7,800 6,195,425 6,195,425 Comprehensive Problem 2 Part 7: You must complete parts 1, 2, 3, 4 and 6 before completing part 7. Part 5 is the optional work sheet. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Palisade Creek Co. Adjusted Trial Balance May 31, 2017 Debit Balances Credit Balances Cash 84,500 Accounts Receivable 245,875 Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable 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 Accounting numeric field Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense are an income statement. Palisade Creek Co. Income Statement For the Year Ended May 31, 2047 f merchandise sold profit 232,425 ses: lling expenses: ales salaries expense 727,800 dvertising expense 292,000 Depreciation expense 14,000 Store supplies expense 9,800 Miscellaneous selling expense 12,600 selling expenses 1,056,200 Administrative expenses: Office salaries expense 417,700 Rent expense 88,700 Pre k My Work 1 more Check My Work uses remaining Submit. All worked Email Instructor Save and Exit rint Item Selling expenses: 727,800 Sales salaries expense Advertising expense 292,000 Depreciation expense 14,000 Store supplies expense 9,800 Miscellaneous selling expense 12,600 tal selling expenses 1,056,200 Administrative expenses: Office salaries expense 417,700 Rent expense 88,700 Insurance expense 12,000 Miscellaneous administrative expense 7,800 526,200 otal administrative expenses 158,240 atal expenses 741,855 Bet income . Prepare a statement of owner's equity. Previ Theck My Work 1 more Check My Work uses remaining. und Fit Submit rint Item Pallade Creek Co. Statement of Owner's Equity For the Year Ended May 31, 2017 585,300 Lynn Tolley, capital, June 1, 2016 Wet income for the year 741,855 135,000 Withdrawals 606,855 Increase in owner's equity 1,192,155 Lynn Tolley, capital, May 31, 2017 3. Prepare a balance sheet. Palisade Creek Co. Balance Sheet May 31, 2017 Assets Current assets: 84,500 Cash 245,875 Accounts receivable 570,000 Merchandise inventory nt Item Balance Sheet May 31, 2017 Assets trent assets: Cash 84,500 Accounts receivable 245,875 Merchandise inventory 570,000 Prepaid insurance 50,200 Store supplies 4,000 tal current assets 951,575 operty, plant, and equipment: Store equipment 569,500 Less accumulated depreciation 70,700 498,800 otal property, plant, and equipment 1,450,375 otal assets Llabilities Current liabilities: Print Item Store supplies 4,000 Total current assets 951,575 Property, plant, and equipment: Store equipment 569,500 Less accumulated depreciation 70,700 Total property, plant, and equipment 498,800 Total assets 1,450,375 Liabilities Current liabilities: Accounts payable 63,150 Customer refunds payable 13,600 Salaries payable 89,270 Total liabilities 166,020 Owner's equity Lynn Tolley, capital 129,215 Total liabilities and owner's equity 1,745,610 Print Item Page 23 Description Date Debit Post. Ref. Credit Closing Entries COYZ May 31 Sales MI Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Sellug Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense III Lynn Tolley, Capital Print Item May 31 Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expensa Miscellaneous Administrative Expense Lynn Tolley, Capital May 31 Lynn Tolley, Capital Lynn Tolley, Drawing Palisade Creek Co. Post-Closing Trial Balance May 31, 2017 Debit Balances Credit Balances Cash 84,500 x Accounts Receivable 245,875 Merchandise Inventory 570,000 x Prepaid Insurance 50,200 X Store Supplies 4,000 569,500 Store Equipment Accumulated Depreciation-Store Equipment 70,700 Accounts Payable 63,150 Customer Refunds Payable 89,270 x Salaries Payable 13,600 Lynn Tolley, Capital 1,192,150 x Y 1 1 500 Accounts Receivable 245,875 570,000 X Merchandise Inventory Prepaid Insurance 50,200 x Store Supplies 4,000 Store Equipment 569,500 Accumulated Depreciation-Store Equipment 70,700 Accounts Payable 63,150 89,270 X Customer Refunds Payable Salaries Payable 13,600 Lynn Tolley, Capital 1,192,150 x 1,528,870 X 1,528,870 X Comprehensive Problem 2 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, 2017 (unless otherwise indicated), are as follows: $83,600 110 Cash 112 Accounts Receivable 233,900 115 Merchandise Inventory 652,400 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 210 Accounts Payable 56,700 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable 685,300 310 Lynn Tolley, Capital, June 1, 2016 311 Lynn Tolley, Drawing 410 Sales 135,000 5,069,000 2,823,000 664,800 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 281,000 522 Depreciation Expense Next -art 1: Using the attached spreadsheet, journalize the transactions for May, the last month of the fiscal year, below. art 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 this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers, an amount box does not require an entry, leave it blank Way 1: Paid rent for May, $5,000 Description Post. Ref. Debit Credit Rent Expense 5,000 Cash 5,000 ay 3: Purchased merchandise on account from Martin Co., terms 2/10, 1/30, FOB shipping point, $36.000 Description Post. Ref. Debit Credit Herchandise Inventory 35,280 accounts Payable- Martin Co. 35,280 ay 4: Pald freight on purchase of May 3, 8600 Description Post. Ref. Serchandise Inventory Debit Credit 600 600 Cash Next 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. Post. Description Debit Credit Ref. Accounts Receivable-Korman Co. 67,130 Sales 67,130 Cost of Merchandise Sold 41,000 Merchandise Inventory 41,000 May 7: Received $22,300 cash from Holstad Co, on account Post. Description Debit Ref. Cash 22,300 Credit Accounts Receivable Halstad Co. 22,300 May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. Description Post. Ref. Debit Credit Cash 54,000 Sales 54,000 more Check Me Warses remaining May 13: Paid for merchandise purchased on May 3. Description Post. Ref. Debit Credit Accounts Payable-Martin Co. 35,280 Cash 35,280 May 15: Paid advertising expense for last half of May, $11,000. Description Post. Ref. Debit Credit Advertising Expense 11,000 Cash 11,000 May 16: Received cash from sale of May 6. Post. Description Debit Credit Ref. Cash 67,130 Accounts Receivable-Korman Co. 67,130 May 19: Purchased merchandise for cash, $18,700. Description Post. Ref. Debit Credit Check My Work Omore Check My Work uses remaining May 19: Purchased merchandise for cash, $18,700. Description Post. Ref. Debit Credit Merchandise Inventory 18,700 Cash 18,700 May 19: Pald $33,450 to Buttons Co. on account. Post. Ref. Debit Credit Description Accounts Payable-Buttons Co. 33,450 Cash 33,450 May 20: Paid Korman Co. a cash refund of $5,000 for damaged merchandise from sale of May 6. Korman Co. kept the merchandise Description Post. Ref. Debit Credit Customer Refund Payable 5,000 Cash 5,000 May 20: Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping int, $110,000. The cost of the merchandise sold was $70,000 Post. Description Debit Credit Ref. Check My Work Omore Check My Work uses remaining 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. Post. Description Debit Credit Ref. Accounts Receivable-Crescent Co. 108,900 Sales 108,900 Cost of Merchandise Sold 70,000 Merchandise Inventory 70,000 May 21: For the convenience of Crescent Co, paid freight on sale of May 20, $2,300 Description Post. Ref. Debit Credit Accounts Receivable-Crescent Co. 2,300 Cash 2,300 May 21: Received $42,900 cash from Gee Co. on account. Description Post. Ref. Debit Credit Cash 42,900 Accounts Receivable-Gee Co. 42,900 Nex mm May 21: Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. Post. Description Debit Credit Ref. Merchandise Inventory 87,120 Accounts Payable-Osterman Co. 87,120 May 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. Post. Description Debit Credit Ref. Accounts Payable-Osterman Co. 4,950 Merchandise Inventory 4,950 May 26: Refunded cash on sales made for cash, $800. The defective merchandise was not returned by the customer. Description Post. Ref. Debit Credit 800 Customer Refund Payable 800 Cash May 28: Paid sales salaries of $56,000 and office salaries of $29,000, Description Post. Ref. Debit Credit Sales Salaries Expense 56,000 Office Salaries Expense 29,000 Cash 85,000 May 29: Purchased store supplies for cash, $2,400. Description Post. Ref. Debit Credit Store Supplies 2,400 Cash 2,400 May 30: Sold merchandise on account to 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 Accounts Receivable-Turner Co. 77,175 Sales 77,175 Cost of Merchandise Sold 47,000 Merchandise Inventory 47,000 May 30: Received cash from sale of May 20 plus freight paid on May 21. Description Post. Ref. Debit Credit Cash 111,200 Accounts Receivable-Crescent Co. 111,200 May 31: Paid for purchase of May 21, less return of May 24. Description Post. Ref. Debit Credit Accounts Payable-Osterman Co. 82,170 Cash 82,170