Part 1 and Part 2 Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows 110 Cash 112 Accounts Receivable 115 Merchandise Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance $83,600 233,900 624,400 28,000 16,800 110 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable 310 Lynn Tolley, Capital, June 1, 2018 685,300 311 Lynn Tolley, Drawing 135,000. 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Solaries Expense 521 Advertising Expense 664,500 201000