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 exact wording of account titles. 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.