Instructions Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2018, are as follows: Assume all accounts have normal balances. 110 Cash $ 83,600 112 Accounts receivable 233,900 115 Inventory 624,400 116 Estimated returns inventory 28,000 117 Prepaid insurance 16,800 118 Store supplies 11,400 123 Store equipment 569,500 124 Accumulated depreciation-store equipment 56,700 210 Accounts payable 96,600 211 Salaries payable 212 Customers refunds payable 50,000 310 Common stock 100,000 311 Retained earnings 585,300 How does grading work? Palisade Creek Co. Score: 29/103 ADJUSTED TRIAL BALANCE May 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 84,500.00 2 Accounts Receivable 3 Inventory 4 Estimated Returns Inventory 5 Prepaid Insurance 4,800.00 6 Store Supplies 4,000.00 7 Store Equipment 569,500.00 8 Accumulated Depreciation-Store Equipment 70,700.00 9 Accounts Payable 63,150.00 10 Salaries Payable 11 Customers Refunds Payable 13,600.00 12 Common Stock 685,300.00 13 Retained Earnings 135,000.00 14 Dividends Comprehensive Problem 2, Part 1 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance Shaded cells have feedba Unadjusted Trial Balance 16 Cost of Goods Sold 17 Sales Salaries Expense 18 Advertising Expense 19 Depreciation Expense 20 Store Supplies Expense 21 Miscellaneous Selling Expense 22 Office Salaries Expense 23 Rent Expense 24 Insurance Expense 25 Miscellaneous Administrative Expense 26 Totals Points: 4.04 / 23 Shaded cells have feedback. Unadjusted Trial Balance 11 Customers Refunds Payable 12 Common Stock 13 Retained Earnings 14 Dividends 15 Sales 16 Cost of Goods Sold 17 Sales Salaries Expense 18 Advertising Expense 19 Depreciation Expense 20 Store Supplies Expense 21 Miscellaneous Selling Expense 22 Office Salaries Expense 23 Rent Expense 24 Insurance Expense Check My Work Next Unadjusted Trial Balance S Palisade Creek Co. Score: 16/91 UNADJUSTED TRIAL BALANCE May 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Inventory 4 Estimated Returns Inventory 5 Prepaid Insurance 16,800.00 6 Store Supplies 7 Store Equipment 569,500.00 8 Accumulated Depreciation-Store Equipment 56,700.00 9 Accounts Payable 10 Salaries Payable 11 Customers Refunds Payable Comprehensive Problem 2, Part 1 Instructions Chart of Accounts Journal Ledger ! Unadjusted Trial Balance Adjusted Trial Balance ournal Shaded cells have feedback. X Ledger X 1. Download the attached SPREADSHEET and save the Excel file to your computer. Use the spreadsheet to post the May transactions from the journal to a ledger of four-column accounts. Be sure to save your work in Excel as it will be used to complete the following steps 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 May 1 balances of each of the accounts in the appropriate balance column of a four-column account. Enter May 1 in the date column. Write Balance in the item section, and enter "X" in the Posting Reference column. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required update or post to the accounts receivable and accounts payable subsidiary ledgers. 6. B. Post the adjusting entries. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY May 1 Rent Expense 5,000.00 + Cash 5.000.00 + Check My Work Next > ournal Shaded cells have feedback. Question not attempted. PAGE 22 JOURNAL Score: 0/203 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Adjusting Entries 0 Instructions Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2018, are as follows: Assume all accounts have normal balances. 110 Cash $ 83,600 112 Accounts receivable 233,900 115 Inventory 624,400 116 Estimated returns inventory 28,000 117 Prepaid insurance 16,800 118 Store supplies 11,400 123 Store equipment 569,500 124 Accumulated depreciation-store equipment 56,700 210 Accounts payable 96,600 211 Salaries payable 212 Customers refunds payable 50,000 310 Common stock 100,000 311 Retained earnings 585,300 burnal Shaded cells have feedback. 7 May 13 Accounts Payable 36,000.00 1 8 35,280.00 9 720.00 0 May 14 sales return 13,500.00 1 Accounts Receivable 13,500.00 1 2 May 14 merchandising inventory 8,000.00 3 cost of merchandize sold 8,000.00 4 May 15 Advertising Expense 11,000.00 1 5 Cash 11,000.00 1 6 May 16 Cash 53,900.00 1 7 1,100.00 8 Accounts Receivable 55,000.00 1 9 May 19 merchandise inventory 18,700.00 0 Cash 18,700.00 1 Instructions Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2018, are as follows: Assume all accounts have normal balances. 110 Cash $ 83,600 112 Accounts receivable 233,900 115 Inventory 624,400 116 Estimated returns inventory 28,000 117 Prepaid insurance 16,800 118 Store supplies 11,400 123 Store equipment 569,500 124 Accumulated depreciation-store equipment 56,700 210 Accounts payable 96,600 211 Salaries payable 212 Customers refunds payable 50,000 310 Common stock 100,000 311 Retained earnings 585,300 How does grading work? Palisade Creek Co. Score: 29/103 ADJUSTED TRIAL BALANCE May 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 84,500.00 2 Accounts Receivable 3 Inventory 4 Estimated Returns Inventory 5 Prepaid Insurance 4,800.00 6 Store Supplies 4,000.00 7 Store Equipment 569,500.00 8 Accumulated Depreciation-Store Equipment 70,700.00 9 Accounts Payable 63,150.00 10 Salaries Payable 11 Customers Refunds Payable 13,600.00 12 Common Stock 685,300.00 13 Retained Earnings 135,000.00 14 Dividends Comprehensive Problem 2, Part 1 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance Shaded cells have feedba Unadjusted Trial Balance 16 Cost of Goods Sold 17 Sales Salaries Expense 18 Advertising Expense 19 Depreciation Expense 20 Store Supplies Expense 21 Miscellaneous Selling Expense 22 Office Salaries Expense 23 Rent Expense 24 Insurance Expense 25 Miscellaneous Administrative Expense 26 Totals Points: 4.04 / 23 Shaded cells have feedback. Unadjusted Trial Balance 11 Customers Refunds Payable 12 Common Stock 13 Retained Earnings 14 Dividends 15 Sales 16 Cost of Goods Sold 17 Sales Salaries Expense 18 Advertising Expense 19 Depreciation Expense 20 Store Supplies Expense 21 Miscellaneous Selling Expense 22 Office Salaries Expense 23 Rent Expense 24 Insurance Expense Check My Work Next Unadjusted Trial Balance S Palisade Creek Co. Score: 16/91 UNADJUSTED TRIAL BALANCE May 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Inventory 4 Estimated Returns Inventory 5 Prepaid Insurance 16,800.00 6 Store Supplies 7 Store Equipment 569,500.00 8 Accumulated Depreciation-Store Equipment 56,700.00 9 Accounts Payable 10 Salaries Payable 11 Customers Refunds Payable Comprehensive Problem 2, Part 1 Instructions Chart of Accounts Journal Ledger ! Unadjusted Trial Balance Adjusted Trial Balance ournal Shaded cells have feedback. X Ledger X 1. Download the attached SPREADSHEET and save the Excel file to your computer. Use the spreadsheet to post the May transactions from the journal to a ledger of four-column accounts. Be sure to save your work in Excel as it will be used to complete the following steps 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 May 1 balances of each of the accounts in the appropriate balance column of a four-column account. Enter May 1 in the date column. Write Balance in the item section, and enter "X" in the Posting Reference column. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required update or post to the accounts receivable and accounts payable subsidiary ledgers. 6. B. Post the adjusting entries. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY May 1 Rent Expense 5,000.00 + Cash 5.000.00 + Check My Work Next > ournal Shaded cells have feedback. Question not attempted. PAGE 22 JOURNAL Score: 0/203 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Adjusting Entries 0 Instructions Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2018, are as follows: Assume all accounts have normal balances. 110 Cash $ 83,600 112 Accounts receivable 233,900 115 Inventory 624,400 116 Estimated returns inventory 28,000 117 Prepaid insurance 16,800 118 Store supplies 11,400 123 Store equipment 569,500 124 Accumulated depreciation-store equipment 56,700 210 Accounts payable 96,600 211 Salaries payable 212 Customers refunds payable 50,000 310 Common stock 100,000 311 Retained earnings 585,300 burnal Shaded cells have feedback. 7 May 13 Accounts Payable 36,000.00 1 8 35,280.00 9 720.00 0 May 14 sales return 13,500.00 1 Accounts Receivable 13,500.00 1 2 May 14 merchandising inventory 8,000.00 3 cost of merchandize sold 8,000.00 4 May 15 Advertising Expense 11,000.00 1 5 Cash 11,000.00 1 6 May 16 Cash 53,900.00 1 7 1,100.00 8 Accounts Receivable 55,000.00 1 9 May 19 merchandise inventory 18,700.00 0 Cash 18,700.00 1