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Palisade Creek Co is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2018,

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Palisade Creek Co is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2018, are as follows: Assume all accounts have normal balances Cash 110 112 115 Accounts receivable inventory $ 83,600 233,900 624 400 28.000 115 117 Estimated returns inventory Prepaid insurance 16.800 118 Store Supplies 11.400 Store equipment 123 124 569,500 56,700 Accumulated depreciation-store equipment Instructions 56,700 96,600 124 210 211 212 310 Accumulated depreciation-store equipment Accounts payable Salaries payable Customers refunds payable Common stock 50,000 100,000 585,300 135,000 Retained earnings 312 313 Dividends Income summary 410 5,069,000 2,823,000 510 Sales Cost of goods sold Sales salaries expense Advertising expense 520 664 800 281.000 521 664 800 281,000 520 521 522 523 529 530 531 532 539 Sales salaries expense Advertising expense Depreciation expense Store supplies expense Miscellaneous Seling expense Omice salaries expense Rent expense Insurance expense Miscellaneous administrative expense 12,600 382, 100 83,700 7,800 During May, the last month of the fiscal year the following transactions were completed the transactions n nanen of the journal Refer to the Chart fornufreact wminent amunt is During May, the last month of the fiscal year, the following transactions were completed Record the following transactions on page 20 of the journal. Refer to the Chart of Accounts for exact wording of accounties May 1 3 4 6 Paid rent for May, 55,000 Purchased merchandise on account from Martin Coterms 2/10, 130, FOB shipping point, 536,000 Paid freight on purchase of May 3, 5600 Sold merchandise on account to Korman coterms 2/10, 1/30, FOB shipping point $68,500. The cost of the goods sold was 541000 Received 522,300 cash from Halstad Co. on account Sold merchandise for cash, $54.000 The cost of the goods sold was $32,000 Paid for merchandise purchased on May 3 7 10 13 10 13 15 16 19 19 20 Sold merchandise for cash, 554,000. The cost of the goods sold was $32,000 Paid for merchandise purchased on May 3 Paid advertising expense for last half of May, $11,000 Received cash from sale of May 6. Purchased merchandise for cash, $18,700 Paid $33.450 to Buttons Co. on account Paid Korman Co, a cash refund of $13.230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500 and the cost of the returned merchandise was $8.000 Record the following transactions on page 21 of the journal. Refer to the Chart of Accounts for exact wording of account titles Record the following transactions on page 21 of the journal. Refer to the Chart of Accounts for exact wording of accountries May 20 21 21 Sold merchandise on account to Crescent Co terms 1/10, 1/30, FOB shipping point $110.000. The cost of the goods sold was $70,000 For the convenience of Crescent Co., paid freight on sale of May 20, 52.300 Received 542,900 cash from Gee Co on account Purchased merchandise on account from Osterman Co, terms 1/10, 130, FOB destination, $80,000 Returned of damaged merchandise purchased on May 21, receiving a credit memo from the seller for 55.000 Refunded cash on sales made for cash 57 500 The cost of the merchandise returned was 54.800 Paid sales salaries of 556,000 and office salaries of $29.000 ndan 24 26 28 28 29 30 Paid sales salaries of $56,000 and office salaries of $29,000 Purchased store supplies for cash, $2,400 Sold merchandise on account to Turner Coterms 2/10, 1/30, FOB shipping point, 578,750. The cost of the goods sold was 547.000 Received cash from sale of May 20 plus freight paid on May 21 Paid for purchase of May 21, less return of May 24 30 31 7. Prepare an adjusted trial balance Accounts with zero balances can be left blank Palisade Creek Co. ADJUSTED TRIAL BALANCE May 31, 2018 ACCOUNT TITLE 1 Accounts Receivable Inventory Estimated Returns Inventory Prepaid Insurance Journal 1. B. Journalize the transactions for May, starting on Page 20 of the journal." 2. Add the appropriate posting reference to the journal 6. A Journalize the adjusting entries. Record the adjusting entries on Page 22 of the journal 6. B. Add the appropriate posting reference to the journal, *Refer to the Chart of Accounts for exact wording of accountitles Scroll down for pages 21 through 22 of the journal PAGE 20 bost the May transactions from the plete the following steps in Part hcluded in your grade in 3. Prepare an unadjusted trial balance Accounts with zero balances can be left blank count Enter May in the date Palisade Creek Co. UNADJUSTED TRIAL BALANCE May 31, 2018 is after all posting is completed in Mary ledgers ACCOUNT TITLE 1 Cash 1 Accounts Receivable Inventory

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