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Comprehensive Problem 2 V. Net income: $741,855 Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows: 110 Cash $ 83,600 312 Dividends $ 135,000 112 Accounts Receivable 233,900 410 Sales 5,069,000 115 Inventory 624,400 510 Cost of Goods Sold 2,823,000 116 Estimated Returns Inventory 28,000 520 Sales Salaries Expense 664,800 117 Prepaid Insurance 16,800 521 Advertising Expense 281,000 118 Store Supplies 11,400 522 Depreciation Expense 123 Store Equipment 569,500 523 Store Supplies Expense 124 Accumulated Depreciation- 529 Miscellaneous Selling Expense 12,600 Store Equipment 56,700 530 Office Salaries Expense 382,100 210 Accounts Payable 96,600 531 Rent Expense 83,700 211 Salaries Payable 532 Insurance Expense 212 Customers Refunds Payable 50,000 539 Miscellaneous Administrative 310 Common Stock 100,000 Expense 7,800 311 Retained Earnings 585,300 During May, the last month of the fiscal year, the following transactions were completed: May 1. Paid rent for May, $5,000. 3. Purchased merchandise on account from Martin Co. terms 2/10, 1/30, FOB shipping point, $36,000. (Continued) & Sold merchandise on count to Korman Cam 10.30 FOB shipping point. 56 SOO. The cofthe 20 Paid Roman Coa cash refund of $13,230 for returned merchandise from sale of May 6. The invoice Chapter 5 Accounting for Retal Businesses May Paid freight on purchase of May 3, 5600 goods sold was 541.000 7. Received 22: 300 cash from Halstad Coon count 10 Sold merchandise for cash $54.000. The cost of the goods sold was $32.000 11 Paid for merchandise purchased on May 3 15. Paid advertising expense for last half of May, 511.000 16. Received cash from sale of May 6. 19. Purchased merchandise for cash $18.700 19. Pald 533450 to Buttons Co. on account of the retumed merchandise was $12.500 and the cost of the retumed merchandise was 58.000 Record the following transactions on Page 21 of the journal goods sold was $70,000 21 For the convenience of Crescent Co, paid freight on sale of May 20, $2,100. 21. Received $42.900 cash from Gee Co. on account 21. Purchased merchandise on account from Osterman Co. terms 1/10, 1/30, FOs destination 580,000 24 Retumed damaged merchandise purchased on May 21, receiving a crede memo from the seller fors5.00 26 Refunded cash on sales made for cash. $7.500. The cost of the merchandise returned was 54.800 28 Paid sales salaries of 556.000 and office salaries of 29.000 29, Purchased store supplies for cash, 52,400 30. Sold merchandise on account to Tumer Co. terms 2/10,8/30, Fof shipping point $78750. The cost of the goods sold was 547,000 30 Received cash from sale of May 20 plus freight paid on May 21 31. Pald for purchase of May 21, less return of May 24 May 20 Sold merchandise on account to Crescent Co. terms 1/10,30, FOB shipping point 5110.000. The cost of the Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-come account. Write Balance in the item section, and place a check mark in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate bub ance columns after all posting is completedIn this problem, you are not required to update of post to the accounts receivable and accounts payable subsidiary ledgers 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6. & Inventory on May 31 $570,000 Insurance expired during the year 12.000 Store supplies on hand on May 31 4000 d. Depreciation for the current year 14.000 e Accrued salaries on May 31 Sales salaries 57,000 Office salaries 5,600 13.500 The adjustment for customer returns and allowance is 560.000 for sales and 535.000 for cost of goods sold S. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders' equity, and a balance sheet. Assume that additional common stock of $10,000 was issued in January 2016 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal Indicate closed accounts by inserting a line in both the Balance columns opposite the desing entry, Insert the new balance in the retained earnings account 10. Prepare a post-closing trial balance