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Palsade Creek Co. is a merchandising business that uses the Rerreetill mentoys system. The account balances for Palisade Creek (unless otherwise indicated), are as follows: During May, the iast month of the fiscal year, the following transactions were cocrcleted: Record the following transactions on puge 20 of the foumal May 1 Paid rent for May. $5,000. 3. Purchased merchandise on account from Martin Co, terms 210, n30, FOE shipping point, 536,000. 4. Pald freight on purchase of May 3 s600. Record the following transactions on page 20 of the journal, May 1 Paid rent for May, $5,000. 3 Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. 4. Paid freight on purchase of May 3, 5600 . 6. Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. 7 Received $22,300 cash from Halstad Co. on account. 10 Sold merchandise for cash, $54,000. The cost of the merchandise sold was $2,000. 13 Paid tor 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 Co, on account. 20 Paid Korman Co. a cash refund of $5,000 for damaged merchandise from sale of May 6. Korman Co. kept the merchandise. Record the following transactions on page 21 of the joumal. May 20 Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, 5110,000 . The cost of the morchandise sold was $70,000. 21 For the convenience of Crescent Co, paid freight on sale of May 20,$2,300. 21 Received $42,900 cash from Geo Co. an account. 21 Purchased merchandise on account from Osterman Co., terms 1/10, n30, FOB destination, 588,000 . $5,000. 26 Refunded cash on sales made for cash, $800. The defective merchandise was not refurned by the customer. 28 Paid sales salaries of $56,000 and office salaries of $29,000. 29 Purchased store supplies for cash, \$2,400. 30 Sold merchandiso on account to Turner Co, terms 2/10, n330, FOB shipping point, $78,750. The cost of the merchandise soid was $47,000. 30 Received cash from sale of May 20 plus freight pald on May 21. 31 Paid for purchase of May 21, loss retum or May 24. 28 Paid sales salaries of $56,000 and office salaries of $29,000. 29 Purchased siore supplies for cash, $2.400. 30 Sold merchandise on account to Turner Co, terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was 547,000 . 30 Recelved cash from sale of May 20 plus freight paid on May 21. 31. Paid for purchase of May 21, less retum of May 24 . Required: 1. Download the spreadsheet in the Ledger panol and save the Excol file to your computer. Use the spreadsheet to post the May transactions. from the journal to a ledger of four-cotumn 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 sproadsheet will not be included in your grade in CengugenOW on this problem. A. Enter the May t balances of each of the accounts in the appropriate balance columin of a fourcolumn account. Enter May 1 in the date column. Wite Balance in the item section, and enter " X " in the Posting Faference columin. B. Journafize the transactions for May. starting on Page 20 of the fournal* 2. Post the joumal to the general ledger, extending the month-end balances to the appropriate balance columins afler all posting is compieted. In this problem. you are not required to update or post to the accounts tecelvable and accounts payable subsidiary lecgers, Add the appropriate posting reference to the journat, 3. Prepare an unatdiusted tial balance. Accounts with zero balances can be left olank: 4. At the end of May. the following adiustiment data wore assembled. Andyze and use these data to complete (5) and (6). - Morchandise inventory on May 31, 5585,200 - Insurance expired during the year, $12,000 - Store supples on hand on May 31,54,000 - Depreciation for the current year, \$14,000 - Accrued salaries on May 31: Sales salaries, 57,000 Omice salaries, 56,600 Total accrued satarios: $13,600 - The adfustment for customer refunds and allowances is $50,000. 5. (Optonal) On your own paper or spreadsheet enter the unacjusted trial batance on a to-column end-of-period spresdshoet (work sheelp. and complete the spreadsheet, Find a biank end-of-period work sheet in fine Ercel spreadsheet you previousty downioaded. 6. A. Joumalize the aqusting entries. Record the adusting entries on Page 22 of the joumal. 8. Post the acjusting entries, Add the appropriate posting roference to the journat 7. Peepare an adusted trial balance. Accounts with zero balances can be left blank. Hefer to the chat of accounts for the exact wording of the accotint bies. CWow joumats do nor use lines tor journal explanations. Every and on a joumal page is used for debit or credt entres. CNOW journals will aidomaticaly indent a credit enty when a creoit amount is enternd Arwinte with ram halances ean be left biank. 7. Prepare an acjusted trial balance. Accounts with zero balances can be let blank: Palisade Creek Co, is a merchandising business that uses the perpetual inventory system. During May, the last month of the fiscal year, transactions were completed. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. Required: 8. If you completed the end-of-period work sheet in Part t, use the adjusted trial balance figures to prepare an income statement, a statement of owner's equily, and a balance sheot. If you didn' complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owner's equily, and a balance sheet." 9. A. Prepare the closing entries. Record the closing entries on Page 23 of the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is ontered. B. Post the closing entries to the ledger of four-column accounts. Add the appropriate posting relerence to the journal. 10. Prepare a post-closing trial balance. Accounts with zero balances can be lett blank. -For guidance in completing the financial statements, be sure to wad the instructions above each statement carofully. 8. If you completed the end-of-period work sheet in Part 1, use the acfusted trial balance figures to prepare an statement. If you didnt complete the end-or-period work sheet in Part 1 , use the ledger (the Excel spreadshee income statement. Be sure to complete the statement heading. Fefer to the account names in the instructions. Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers untes is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should 8. If you completed the end-of-period work sheet in Part 1, use the ad; usted trial balance figures to prepare a balance sheet. If you didnt complete the end-of period work sheot in Part 1 , use the ledger (the Excel spreadsheet) to prepare a balance sheet. Be sure to complete the statement hoading. Rotor to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries, You will not need to enter calons (H) or the ward "Less" on the balance sheet: they will automatically insert where necessay. Enter af amounts as poslive numbers. 9. A. Prepare the closing entries. Record the closing entries on Page 23 of the journal. Refer to the char account tittes. CNOW joumals do not use lines for joumal explanations. Every line on a journal pag CNOW joumals will automatically indent a credit entry when a credit amount is entered. 9. B. Add the appropriate posting reference to the joumal. Use the spreadsheet completed in Part 1 of this problem to complete the following steps of this problem. Your input into the spreadsheet will not be included in your grade in CengagenoW on this probiem. 9. B. Post the closing entries to the ledger of four-column accounts. Post-Closing Trial Balance 10. Prepare a post-closing trial balance. Accounts with zero balances can be left blank Palsade Creek Co. is a merchandising business that uses the Rerreetill mentoys system. The account balances for Palisade Creek (unless otherwise indicated), are as follows: During May, the iast month of the fiscal year, the following transactions were cocrcleted: Record the following transactions on puge 20 of the foumal May 1 Paid rent for May. $5,000. 3. Purchased merchandise on account from Martin Co, terms 210, n30, FOE shipping point, 536,000. 4. Pald freight on purchase of May 3 s600. Record the following transactions on page 20 of the journal, May 1 Paid rent for May, $5,000. 3 Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. 4. Paid freight on purchase of May 3, 5600 . 6. Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. 7 Received $22,300 cash from Halstad Co. on account. 10 Sold merchandise for cash, $54,000. The cost of the merchandise sold was $2,000. 13 Paid tor 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 Co, on account. 20 Paid Korman Co. a cash refund of $5,000 for damaged merchandise from sale of May 6. Korman Co. kept the merchandise. Record the following transactions on page 21 of the joumal. May 20 Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, 5110,000 . The cost of the morchandise sold was $70,000. 21 For the convenience of Crescent Co, paid freight on sale of May 20,$2,300. 21 Received $42,900 cash from Geo Co. an account. 21 Purchased merchandise on account from Osterman Co., terms 1/10, n30, FOB destination, 588,000 . $5,000. 26 Refunded cash on sales made for cash, $800. The defective merchandise was not refurned by the customer. 28 Paid sales salaries of $56,000 and office salaries of $29,000. 29 Purchased store supplies for cash, \$2,400. 30 Sold merchandiso on account to Turner Co, terms 2/10, n330, FOB shipping point, $78,750. The cost of the merchandise soid was $47,000. 30 Received cash from sale of May 20 plus freight pald on May 21. 31 Paid for purchase of May 21, loss retum or May 24. 28 Paid sales salaries of $56,000 and office salaries of $29,000. 29 Purchased siore supplies for cash, $2.400. 30 Sold merchandise on account to Turner Co, terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was 547,000 . 30 Recelved cash from sale of May 20 plus freight paid on May 21. 31. Paid for purchase of May 21, less retum of May 24 . Required: 1. Download the spreadsheet in the Ledger panol and save the Excol file to your computer. Use the spreadsheet to post the May transactions. from the journal to a ledger of four-cotumn 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 sproadsheet will not be included in your grade in CengugenOW on this problem. A. Enter the May t balances of each of the accounts in the appropriate balance columin of a fourcolumn account. Enter May 1 in the date column. Wite Balance in the item section, and enter " X " in the Posting Faference columin. B. Journafize the transactions for May. starting on Page 20 of the fournal* 2. Post the joumal to the general ledger, extending the month-end balances to the appropriate balance columins afler all posting is compieted. In this problem. you are not required to update or post to the accounts tecelvable and accounts payable subsidiary lecgers, Add the appropriate posting reference to the journat, 3. Prepare an unatdiusted tial balance. Accounts with zero balances can be left olank: 4. At the end of May. the following adiustiment data wore assembled. Andyze and use these data to complete (5) and (6). - Morchandise inventory on May 31, 5585,200 - Insurance expired during the year, $12,000 - Store supples on hand on May 31,54,000 - Depreciation for the current year, \$14,000 - Accrued salaries on May 31: Sales salaries, 57,000 Omice salaries, 56,600 Total accrued satarios: $13,600 - The adfustment for customer refunds and allowances is $50,000. 5. (Optonal) On your own paper or spreadsheet enter the unacjusted trial batance on a to-column end-of-period spresdshoet (work sheelp. and complete the spreadsheet, Find a biank end-of-period work sheet in fine Ercel spreadsheet you previousty downioaded. 6. A. Joumalize the aqusting entries. Record the adusting entries on Page 22 of the joumal. 8. Post the acjusting entries, Add the appropriate posting roference to the journat 7. Peepare an adusted trial balance. Accounts with zero balances can be left blank. Hefer to the chat of accounts for the exact wording of the accotint bies. CWow joumats do nor use lines tor journal explanations. Every and on a joumal page is used for debit or credt entres. CNOW journals will aidomaticaly indent a credit enty when a creoit amount is enternd Arwinte with ram halances ean be left biank. 7. Prepare an acjusted trial balance. Accounts with zero balances can be let blank: Palisade Creek Co, is a merchandising business that uses the perpetual inventory system. During May, the last month of the fiscal year, transactions were completed. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. Required: 8. If you completed the end-of-period work sheet in Part t, use the adjusted trial balance figures to prepare an income statement, a statement of owner's equily, and a balance sheot. If you didn' complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owner's equily, and a balance sheet." 9. A. Prepare the closing entries. Record the closing entries on Page 23 of the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is ontered. B. Post the closing entries to the ledger of four-column accounts. Add the appropriate posting relerence to the journal. 10. Prepare a post-closing trial balance. Accounts with zero balances can be lett blank. -For guidance in completing the financial statements, be sure to wad the instructions above each statement carofully. 8. If you completed the end-of-period work sheet in Part 1, use the acfusted trial balance figures to prepare an statement. If you didnt complete the end-or-period work sheet in Part 1 , use the ledger (the Excel spreadshee income statement. Be sure to complete the statement heading. Fefer to the account names in the instructions. Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers untes is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should 8. If you completed the end-of-period work sheet in Part 1, use the ad; usted trial balance figures to prepare a balance sheet. If you didnt complete the end-of period work sheot in Part 1 , use the ledger (the Excel spreadsheet) to prepare a balance sheet. Be sure to complete the statement hoading. Rotor to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries, You will not need to enter calons (H) or the ward "Less" on the balance sheet: they will automatically insert where necessay. Enter af amounts as poslive numbers. 9. A. Prepare the closing entries. Record the closing entries on Page 23 of the journal. Refer to the char account tittes. CNOW joumals do not use lines for joumal explanations. Every line on a journal pag CNOW joumals will automatically indent a credit entry when a credit amount is entered. 9. B. Add the appropriate posting reference to the joumal. Use the spreadsheet completed in Part 1 of this problem to complete the following steps of this problem. Your input into the spreadsheet will not be included in your grade in CengagenoW on this probiem. 9. B. Post the closing entries to the ledger of four-column accounts. Post-Closing Trial Balance 10. Prepare a post-closing trial balance. Accounts with zero balances can be left blank