Need Journal, Income Statement, Statement of Owner's Equity, Balance Sheet, and Post Closing Trial Balance

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 1, use the adjusted trial balance figures to prepare an income statement, a statement of owners equity, and a balance sheet. If you didnt complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owners equity, 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 journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
	B. Post the closing entries to the ledger of four-column accounts. Add the appropriate posting reference to the journal.

10. Prepare a post-closing trial balance. Accounts with zero balances can be left blank.

*For guidance in completing the financial statements, be sure to read the instructions above each statement carefully.

110	Cash	$ 83,600
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	56,700
210	Accounts payable	96,600
211	Salaries payable
212	Customers refunds payable	50,000
310	Lynn Tolley, Capital, June 1, 20Y6	685300
	Retained earnings	-
311	Lynn Tolley, Drawing	135,000
313	Income summary	-
410	Sales	5,069,000
510	Cost of goods sold	2,823,000
520	Sales salaries expense	664,800
521	Advertising expense	281,000
522	Depreciation expense
523	Store supplies expense
529	Miscellaneous selling expense	12,600
530	Office salaries expense	382,100
531	Rent expense	83,700
532	Insurance expense
539	Miscellaneous administrative expense	7,800

Labels
Current assets
Current liabilities
For the Year Ended May 31, 20Y7
Long-term liabilities
May 31, 20Y7
Expenses
Other income and expense
Property, plant, and equipment
Amount Descriptions
Add withdrawals
Cost of merchandise purchased
Gross profit
Income from operations
Increase in owners equity
Lynn Tolley, capital, June 1, 20Y6
Lynn Tolley, capital, May 31, 20Y7
Withdrawals
Merchandise available for sale
Net income
Net loss
Net purchases
Total administrative expenses
Total assets
Total current assets
Total current liabilities
Total liabilities
Total liabilities and owners equity
Total Expenses
Total property, plant, and equipment
Total selling expenses