Palisade Creek Co$.$ is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May $1,20$Y$6($unless otherwise indicated$),$ are as follows. Assume all accounts have normal balances.

Account Number Account Amount

$110$ Cash $$83,600$

$112$ Accounts Receivable $233,900$

$115$ Inventory $624,400$

$116$ Estimated Returns Inventory $28,000$

$117$ Prepaid Insurance $16,800$

$118$ Store Supplies $11,400$

$123$ Store Equipment $569,500$

$124$ Accumulated Depreciation$$Store Equipment $56,700$

$210$ Accounts Payable $96,600$

$211$ Salaries Payable $$

$212$ Customers Refunds Payable $50,000$

$310$ Common Stock $100,000$

$311$ Retained Earnings $585,300$

$312$ Dividends $$135,000$

$410$ Sales $5,069,000$

$510$ Cost of Goods Sold $2,823,000$

$520$ Sales Salaries Expense $664,800$

$521$ 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 $7,800$

Part $1$: Journalize the transactions below for May, the last month of the fiscal year. If an amount box does not require an entry, leave it blank.

May $1$: Paid rent for May, $$5,000.$

Date Description Post. Ref. Debit Credit

May $1$

Supplies Expense

fill in the blank $2$

$12,600$

fill in the blank $3$

Cash

fill in the blank $5$

fill in the blank $6$

$12,600$

May $2$: Sold merchandise on account to Korman Co$.,$ terms n$/15,$ FOB shipping point, $$68,500.$ The cost of the goods sold was $$41,000.$

Date Description Post. Ref. Debit Credit

May $2$

Accounts Receivable$-$Korman Co$.$

fill in the blank $8$

$12,000$

fill in the blank $9$

Sales

fill in the blank $11$

fill in the blank $12$

$12,000$

May $2$

Cost of Goods Sold

fill in the blank $14$

$6,400$

fill in the blank $15$

Inventory

fill in the blank $17$

fill in the blank $18$

$6,400$

May $3$: Purchased merchandise on account from Martin Co$.,$ terms $2/10,$ n$/30,$ FOB shipping point, $$36,000.$

Date Description Post. Ref. Debit Credit

May $3$

fill in the blank $20$

$382,100$

fill in the blank $21$

Cash

fill in the blank $23$

fill in the blank $24$

May $4$: Paid freight on purchase of May $3,$ $$600.$

Date Description Post. Ref. Debit Credit

May $4$

Inventory

fill in the blank $26$

$6,800$

fill in the blank $27$

Accounts Payable

fill in the blank $29$

fill in the blank $30$

$6,800$

May $7$: Received $$22,300$ cash from Halstad Co$.$ on account.

Date Description Post. Ref. Debit Credit

May $7$

fill in the blank $32$

$83,700$

fill in the blank $33$

Cash

fill in the blank $35$

fill in the blank $36$

$83,700$

May $10$: Sold merchandise with a list price of $$61,500$ to customers who used VISA and who redeemed $$7,500$ of point$-$of$-$sale coupons. The cost of the goods sold was $$32,000.$

Date Description Post. Ref. Debit Credit

May $10-$Sales

Cash

fill in the blank $38$

$10,000$

fill in the blank $39$

Accounts Receivable$-$Korman Co$.$

fill in the blank $41$

fill in the blank $42$

$10,000$

May $10-$Cost

fill in the blank $44$

$50,000$

fill in the blank $45$

Cash

fill in the blank $47$

fill in the blank $48$

$50,000$

May $13$: Paid for merchandise purchased on May $3.$

Date Description Post. Ref. Debit Credit

May $13$

Accounts Receivable$-$Martin Co$.$

fill in the blank $50$

$24,800$

fill in the blank $51$

Cost of Goods Sold

fill in the blank $53$

$13,900$

fill in the blank $54$

Sales Discounts

fill in the blank $56$

fill in the blank $57$

$24,800$

May $15$: Paid advertising expense for last half of May, $$11,000.$

Date Description Post. Ref. Debit Credit

May $15$

Advertising Expense

fill in the blank $59$

$281,000$

fill in the blank $60$

Cash

fill in the blank $62$

fill in the blank $63$

$281,000$

May $17$: Received cash from sale of May $2.$

Date Description Post. Ref. Debit Credit

May $17$

Accounts Payable$-$Korman Co$.$

fill in the blank $65$

$96,600$

fill in the blank $66$

Cash

fill in the blank $68$

fill in the blank $69$

$96,600$

May $19$: Purchased merchandise for cash, $$18,700.$

Date Description Post. Ref. Debit Credit

May $19$

Cash

fill in the blank $71$

$9,000$

fill in the blank $72$

Accounts Payable

fill in the blank $74$

fill in the blank $75$

$9,000$

May $19$: Paid $$33,450$ to Buttons Co$.$ on account.

Date Description Post. Ref. Debit Credit

May $19$

fill in the blank $77$

fill in the blank $78$

fill in the blank $80$

fill in the blank $81$

May $20$: Paid Korman Co$.$ a cash refund of $$13,230$ for returned merchandise from sale of May $2.$ The cost of the returned merchandise was $$8,000.$

Date Description Post. Ref. Debit Credit

May $20-$Refund

fill in the blank $83$

fill in the blank $84$

fill in the blank $86$

fill in the blank $87$

May $20-$Cost

fill in the blank $89$

fill in the blank $90$

fill in the blank $92$

fill in the blank $93$

May $21$: Sold merchandise on account to Crescent Co$.,$ terms n$/$eom$,$ FOB shipping point, $$110,000.$ The cost of the goods sold was $$70,000.$

Date Description Post. Ref. Debit Credit