Palisade Creek Co. Is a merchandising business that uses the perpetual inventory system, The account balances for Palisade Creek Co. as of May 1 , 20Y (unless otherwise indicated), are as follows: 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 Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank \begin{tabular}{|l} \hline \end{tabular} UnadjustedTrialBalanceMay31,20v7 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 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6 . 1. The adjustment for customer refunds and allowances is $60,000. 6. Joumalize the adjusting entries. If an amount box does not requlre an entry, leave it blank. Post the adjustiog entries to the attached speeadsheet you used in parts 1 and 2. Paiglo 22 Deske Descrithon Creatit. Ristif: Adjusting Entries 20Y7 May 31 Cost of Merchandise Sold Merchandise Inventory Insurance Expense Prepaid Insurance May 31 Store Supplies Expense Store Supplies May 31 Depreciation Expense Accumulated Depreciation-Store Equipment May 31 Sales Salaries Expense Part 7: You must complete parts 1, 2, 3,4 and 6 before completing part 7. Part 5 is the optional work sheet. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital 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 Income-Statement Sales Cost of merchandise sold Gross profit Expenses: You must complete parts 1,2,3,4,6,7,8 and 9 before attempting to complete part 10 . Part 5 is optional Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank