Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Palisade Creek Co . is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co . as of May
Palisade Creek Co is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co as of May Yunless otherwise indicated are as follows:
Cash $
Accounts Receivable
Merchandise Inventory
Prepaid Insurance
Store Supplies
Store Equipment
Accumulated DepreciationStore Equipment
Accounts Payable
Customer Refunds Payable
Salaries Payable
Lynn Tolley, Capital, June Y
Lynn Tolley, Drawing
Sales
Cost of Merchandise Sold
Sales Salaries Expense
Advertising Expense
Depreciation Expense
Store Supplies Expense
Miscellaneous Selling Expense
Office Salaries Expense
Rent Expense
Insurance Expense
Miscellaneous Administrative Expense
May : Paid rent for May, $
May : Purchased merchandise on account from Martin Co terms n FOB shipping point, $
May : Paid freight on purchase of May $
May : Sold merchandise on account to Korman Co terms n FOB shipping point, $ The cost of the merchandise sold was $
May : Received $ cash from Halstad Co on account.
May : Sold merchandise for cash, $ The cost of the merchandise sold was $
May : Paid for merchandise purchased on May
May : Paid advertising expense for last half of May, $
May : Received cash from sale of May
May : Purchased merchandise for cash, $
May : Paid $ to Buttons Co on account.
May : Paid Korman Co a cash refund of $ for damaged merchandise from sale of May Korman Co kept the merchandise.
May : Sold merchandise on account to Crescent Co terms n FOB shipping point, $ The cost of the merchandise sold was $
May : For the convenience of Crescent Co paid freight on sale of May $
May : Received $ cash from Gee Co on account.
May : Purchased merchandise on account from Osterman Co terms n FOB destination, $
May : Returned damaged merchandise purchased on May receiving a credit memo from the seller for $
May : Refunded cash on sales made for cash, $ The defective merchandise was not returned by the customer.
May : Paid sales salaries of $ and office salaries of $
May : Purchased store supplies for cash, $
May : Sold merchandise on account to Turner Co terms n FOB shipping point, $ The cost of the merchandise sold was $
May : Received cash from sale of May plus freight paid on May Prepare an income statement.Prepare a statement of owner's equity.
IncomeStatement
For the Year Fnded May Y
Prepare a balance sheet.
May : Paid for purchase of May less return of May
At the end of May, the following adjustment data were assembled.
a Merchandise inventory on May $
b Insurance expired during the year
c Store supplies on hand on May
d Depreciation for the current year
e Accrued salaries on May :
Sales salaries $
Office salaries
f The adjustment for customer refunds and allowances is $
Please help with the attached images... THANK YOU IN ADVANCE!! I was only allowed to submit one photo, my apologies
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started