| * For guidance in completing the financial statements, be sure to read the instructions above each statement carefully. 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 retained earnings statement, 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 retained earnings statement, 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 exact wording of account titles. | 9. B. | Post the closing entries to the ledger of four-column accounts. Add the appropriate posting reference to the journal. Insert the new balance in the retained earnings account. | | | 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. 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 retained earnings statement, 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 retained earnings statement, 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 exact wording of account titles. | 9. B. | Post the closing entries to the ledger of four-column accounts. Add the appropriate posting reference to the journal. Insert the new balance in the retained earnings account. | | | 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. 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 retained earnings statement, 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 retained earnings statement, 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 exact wording of account titles. | 9. B. | Post the closing entries to the ledger of four-column accounts. Add the appropriate posting reference to the journal. Insert the new balance in the retained earnings account. | | | 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. | | | | | | |