I'm not understanding what I am doing wrong. Please help!
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 583 600 233.900 652.400 16.800 44. 11,400 589,500 56.700 96.000 50.000 685300 110 Cash 112 Accounts Receivable 115 Merchandise Inventory 117 Prepaid Insurance 118 Stare Suppliers 123 Store Equipment 124 Accumulated Depreciation Store Equipment 210 Accounts Payable 211 Customer Refunds Payable 212 Salaries Payable 310 Lynn Talley, Capital, June 1, 2016 311 Lyrri Talley, Drawing 410 Sales 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Experise 531 Rent Expense 532 Insurance Express 539 Miscellaneous Administrative Expense 135.000 5,069.000 2,823 000 684.800 281,000 12 600 362.100 83.700 7.800 During May, the last month of the fiscal year, the following transactions were completed: Record the flowing transactions on page 20 of the journal May 1 Paid rent for May $5,000. 3 3 Purchased merchandise on account from Martin Co. terms 2/10, n/30, FOB shipping point, 538.000. 4 Paid freight on purchase of May 3.5600. G B Sold merchandise on account to Korean Co., termes 2/10,n/30, FOB shipping point. $68,500. The cast , . of the merchandise sold was 541,000. 7 7 Received $22,300 cash from Halstad Co. an account 10 Sold merchandise for cash, 554.000. The cost of the merchandise sold was 532,000. 13 Paid for merchandise purchased on May 3. 15 Paid advertising expense for last half of May, $11,000 16 Received cash from sale of May 6. 19 Purchased merchandise for cash, $18,700. 19 Paid $33,450 to Buttons Ca, on account. Paid Korman Co a cash refund of $5,000 for deresged merchandise from sale of May 6. Koriren Co. kept the merchandise. Record the following transactions on page 21 of the journal May 20 Sold merchandise an account to Crescent Co., terms 1/10,n/30, FOB shipping point, $110,000. The 20 Paid Korman Co. a cash refund af $5,000 for damaged merchandise from sale of May 6. Korrean Co. kept the merchandise Record the following transactions on page 21 of the joumal May 20 Sold merchandise an account to Crescent Co. terms 1/10,n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000 For the convenience of Crescent Co.,paid freight on sale of May 20, 52,300. Received $42.900 cash from Gee Co. on account. Purchased merchandise on account from Osterman Co., terims 1/10, 1/30 FOB destination, S80,000 Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for S5,000 Refunded cash on sales rede for cash, S800. The defective merchandise was not returned by the 24 28 Customer 28 29 30 Paid sales salaries of $58,000 and office salaries of S29,000 Purchased store supplies for cash, $2,400. Sold merchandise an account to Turner Co., termes 2/10, 1/30. FOB shipping point. $78,750. The cost of the merchandise sakd was 547.000 Received cash from sale af May 20 plus freight paid on May 21. Paid for purchase of May 21, less return of May 24. 30 31 Required: 1. Download the spreadsheet in the Ledger panel and save me Excel file to your computer. Use the spreadsheer to post the May transactions from the journal to a loger 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 steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNow on this problem. A Enter the Mey 1 balances of each of the accounts in the appropriate balance column of a four-column account Enterley 1 in the date column. White Balance in the tem section, and enter in the Posting Reference column B. Journalize the transactions for May, Starting on Page 20 of the oumat 2. Post the journal to the general ledge, 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 leogers. Add the appropriate posting reference to the journal 3. Prepare an unausted trial balance Accounts with zero balances can be left blank 4. At the end of Aley, the following adjustment data were assembled Analyze and use these data to complete (5) and (0). Merchandise inventory only 31, 9585,200 Insurance expired during the year, 512,000 Store supples on hand on May 31, 4000 - Depreciation for the current year, 314000 Accrued salaries on Wey 31: Sales salaries $7,000 Office salaries $0,000 Total accrued salaries: 513,600 The adjustment for customer refunds and allowances is 500,000 5. (Optional) on your own paper or spreadsheet enter the unaqusted trial balance on a 10-column end-of-period spreadsheet (worksheet), and complete the spreadsheet. Find a blank end-of-period work sheet in the Excel spreadsheet you prewously downloaded 6. A. Joumalize the adjusting entries Record the adjusting entries on Page 22 of the journal." B. Post the adjusting entries. Add the appropriate posting reference to the oumal 7. Prepare an adjusted trial balance Accounts with zero balances can be let blank "Refer to the chart of accounts for the exact wording of the account titles. CNOW oumals do not use Ines for journal explanations. Every ine on a journal page is used for debit or creat entries. ONOW oumas will automatically indent a credit entry when a credit amount is entered 7. Prepare an adjusted trial balance Accounts weh zero balances can be left blank How does weling work? Score: 83/95 Palisade Creek Co. ADJUSTED TRIAL BALANCE May 31, 2017 ACCOUNT TITLE DEBI CEDIT : Cash 98.350.00 : Accounts Receivable 247,450.00 585,200.00 Merchandise laventory 4,800.00 4,000.00 569,500.00 70.700.00 + Prepaid Insurance Store Supplies . Store Equipment Accumulated Depreciation-Store Ecuipment Accounts Payable Customer Refunds Payable 19 Salaries Payable - Lynn Tolley, Capital - Lynn Tolley, Drawing 65,150.00 104,200.00 15,600,00 685,300.00 135,000.00 5,320,250.00 3,026,950.00 720,800.00 2- Cost of Merchandise Sold - Sales Salaries Expense - Advertising Expense Depreciation Expense : Store Supplies Expense 35 Miscellaneous Selling Expense 2 Office Salaries Expense 292,000.00 14,000.00 9,800.00 19,600.00 417,700.00 88,700.00 2 Rent Expense Insurance Expense 12,000.00 7.800.00 Miscellaneous Administrative Expense 2 Torals 6,257,200.00 6,257,200.00 3. Prepare an unaqjusted trial balance Accounts win zero balances can be letbank How does syeding work? Palisade Creek Co. Score: 75/83 UNADJUSTED TRIAL BALANCE May 31, 2017 ACCOUNT TITLE DEB Cie : Cash 98,350.00 Accounts Receivable 247.450.00 Merchandise Inventory 599,150.00 16,800.00 15,800.00 569,500.00 + Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation Store Equipment Accounts Payable Customer Refunds Payable 1 Salaries Payable * Lynn Tolley, Capital - Lynn Tolley, Drawing 56,700.00 63,150.00 44,200.00 685,300.00 135,000.00 5,520, 250.00 5,015,000.00 720,800.00 292,000.00 - Cost of Merchandise Sold Sales Salaries Expense - Advertising Expense - Depreciation Expense Store Supplies Expense 5 Miscellaneous Selling Expense 2 Office Salaries Expense :: Rent Expense Insurance Expense Miscellaneous Administrative Expense 12,600.00 411,100.00 88,700.00 7.800.00 6,229,600.00 24 Totals 6,229,600.00 PGE 20 JOURNAL Score: 330/379 ACCOUNTING EQUATION DESCRIPTION CREDI ASSETS LIABILITIES EQUITY POST. REF. 551 1 DATE May Rent Expense Cash 5,000.00 + 110 5,000.00 1 115 56,000.00 1 May Merchandise Inventory Accounts Payable . 210 56,000.00 1 : May 4 Cost of Merchandise Sold 510 600.00 . Cash 110 600.00 + May 6 Accounts Receivable 112 68,500.00 1 Sales 410 68,500.00 1 May 6 Cost of Merchandise Sold 510 41,000.00 . 115 41,000.00 + 110 54.000.00 1 Merchandise Inventory Mayi Cash Accounts Receivable May 10 Cash 112 54,000.00 1 110 54,000.00 1 Sales 410 54,000.00 1 1 510 32,000.00 . 115 52,000.00 ! May 10 Cost of Merchandise Sold Merchandise Inventory May 13 Accounts Payable Miscellaneous Selling Expense Cash 210 56,000.00 1 529 720.00 1 110 1 + 55,280.00 720.00 115 1 Merchandise Inventory May 15 kovertising Expense Cash 521 11,000.00 . 110 11,000.00 + May 16 Cash 110 67.150.00 1 24 Accounts Receivable 112 67.150.00 + 18,700.00 1 May 19 Merchandise Inventory Cash 18,700.00 + :: May 19 Accounts Payable 33,450.00 + Cash 53,450.00 + PAGE 21 JOURNAL Score: 304/365 ACCOUNTING EQUATION POST. REF. DEB CREDIT ASSES LIABILITIES EQUITY DATE DESCRIPTION May 20 Customer Refunds Payable Cash 5,000.00 + 5,000.00 ! : May 20 Accounts Receivable 110,000.00 1 1 110.000.00 1 May 20 Cost of Merchandise Sold 70,000.00 70,000.00 1 2 Merchandise Inventory May 21 Accounts Receivable Cash 2,300.00 1 2,300.00 1 May 21 42.900.00 1 Cash Accounts Receivable 42,900.00 + May 21 Merchandise Inventory 88,000.00 + 88,000.00 1 5,000.00 . Accounts Payable May 24 Accounts Payable Merchandise Inventory May 26 Customer Refunds Payable Cash 5.000.00 + 800.00 1 800.00 + May 28 Sales Salaries Expense 56,000.00 29,000.00 Office Salaries Expense Cash 85,000.00 1 + May 28 Store Supplies 2.400.00 1 Cash 2.400.00 1 May 30 Accounts Receivable 78,750.00 1 78,750.00 + 47,000.00 + 47,000.00 + May 30 Cost of Merchandise Sold Merchandise Inventory May 30 Cash Accounts Receivable 110,100.00 + 112,300.00 + JOURNAL Score: 163/176 ACCOUNTING EQUATION POST. REF. DEB CREDIT ASSEIS LIABILITIES EQUITY 1 DATE DESCRIPTION Adjusting Entries May 31 Cost of Merchandise Sold Merchandise Inventory : 15,950.00 + 15,950.00 1 12,000.00 . 12,000.00 1 9,800.00 . 9.900.00 + 14,000.00 + May 31 Insurance Expense Prepaid Insurance May 31 Store Supplies Expense Store Supplies May 19 Depreciation Expense Accumulated Depreciation Store Equipment May 31 Sales Salaries Expense Office Salaries Expense May 51 Salaries Payable May 31 Sales Customer Refunds Payable 14,000.00 1 10 7000.00 + 6,600.00 . 15,600.00 1 60,000.00 . 60,000.00 1
