Palisade Creek Co. May 1 2018 Answers+ Questions provided...
Comprhensive Problem 2 Parts 1-10
Part 1 Journalize tranactions
Part 4/6 Adjusting Entries-Journal
Part 3 Unajusted Trial Balance May 31 2018
End of year spreadsheet, Income, R/E Statment... ect
part 9 Closing entry
part 10 Post Closing..
Comprehensive Problem 2 Part 1 and Part 2 are as follows. Assume all accounts have normal balances Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 2018, Cash $83,600 312 Dividends 5135,000 12 Acco ts Receivable 233,900 313 ncome Summary 15 Inventory 624,400 410 Sales 5,09,000 116 Estimated Returns Inventory 28,000 S10 Cost: Goods Sold 2,823,000 117 Prepaid Insurance 6,800 520 Sales Salaries Expense 664,800 118 Store supplies 11,400 521 Advertising Expense 23 Store Equipme 569,500 522 Depreciation Expense 24 Accumulated Depreciation Store Equipme 6,700 523 Store Supplies Expense 210 Accounts Payable 96,600 529 Miscellaneous Selling Expense 2,600 211 S Payable S30 Offi Salari 382,100 212 Customers Refunds Payable 0,000 531 Expense 83,700 310 Common Stock 00,000 532 nsurance Expense 311 Retained Earnings 585,300 539 Miscellaneous Administrative Expense 7,800 Part 1: Journalize the transactions below for May, the last month of the fiscal year. For e compound transaction, if an amount box does not require an entry, leave it blank. Part 2: Using the attached spreadsheet, post the journal entries from Part 1 to the general ledger. Extend the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidary ledgers. May 1: Paid rent for May, $5,000, Description Credi Date Post. Ref Debit May 1 Rent E 5,000 v Cash v 5,000 May 3: Purchased merchandise on account from Martin Co, terms 2/10, n/30 OB pping point, s36,000 Date Description Debi Cred Ref May 3 Inventory v 35,280 Accounts Payable Martin Co. v 35,280 May 4: Paid freight on purchase of May 3, s600. Date Post. R Debit Cred Inventory v 600 v May 4 600 Comprehensive Problem 2 Part 1 and Part 2 are as follows. Assume all accounts have normal balances Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 2018, Cash $83,600 312 Dividends 5135,000 12 Acco ts Receivable 233,900 313 ncome Summary 15 Inventory 624,400 410 Sales 5,09,000 116 Estimated Returns Inventory 28,000 S10 Cost: Goods Sold 2,823,000 117 Prepaid Insurance 6,800 520 Sales Salaries Expense 664,800 118 Store supplies 11,400 521 Advertising Expense 23 Store Equipme 569,500 522 Depreciation Expense 24 Accumulated Depreciation Store Equipme 6,700 523 Store Supplies Expense 210 Accounts Payable 96,600 529 Miscellaneous Selling Expense 2,600 211 S Payable S30 Offi Salari 382,100 212 Customers Refunds Payable 0,000 531 Expense 83,700 310 Common Stock 00,000 532 nsurance Expense 311 Retained Earnings 585,300 539 Miscellaneous Administrative Expense 7,800 Part 1: Journalize the transactions below for May, the last month of the fiscal year. For e compound transaction, if an amount box does not require an entry, leave it blank. Part 2: Using the attached spreadsheet, post the journal entries from Part 1 to the general ledger. Extend the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidary ledgers. May 1: Paid rent for May, $5,000, Description Credi Date Post. Ref Debit May 1 Rent E 5,000 v Cash v 5,000 May 3: Purchased merchandise on account from Martin Co, terms 2/10, n/30 OB pping point, s36,000 Date Description Debi Cred Ref May 3 Inventory v 35,280 Accounts Payable Martin Co. v 35,280 May 4: Paid freight on purchase of May 3, s600. Date Post. R Debit Cred Inventory v 600 v May 4 600
