Comprehensive Problem 2 Part 5: Optional work sheet Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet using the following adjustment data. a. Inventory on May 31 b. Insurance expired during the year c. Store supplies on hand on May 31 d. Depreciation for the current year e. Accrued salaries on May 31: Sales salaries Office salaries $570,000 12,000 4,000 14,000 $7,000 6,600 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. If an amount box does not require an entry, leave it blank. Palisade Creek Co. Unadjusted Unadjusted Account Title Trial Balance Debit Trial Balance Credit End-of-Period Spreadsheet (Work Sheet) For the Year Ended May 31, 2016 Adjusted Adjusted Adjustments Adjustments Trial Trial Debit Credit Balance Balance Debit Credit Income Income Balance Balance Statement Statement Sheet Sheet Debit Credit Debit Credit Cash 86,970 86,970 Accounts ✓ Receivable 247,450 247,450 Inventory 583,950 13,950 570,000 Estimated Returns 15,200 Inventory Prepaid Insurance 16,800 Store ✓ Supplies 13,800 4,800 ✓ ✓ 9,800 4,000 Store Equipment 569,500 569,500 Accum. ✓ Depr.-Store 56,700 Equip. Accounts ✓ Payable 63,150 Salaries Payable Customers Refunds ✓ 0 29,270 Payable Common Stock Retained 100,000 ✓ Earnings 585,300 ✓ Dividends 135,000 135,000 Sales 5,380,250 Cost of ✓ Goods Sold Sales 3,013,000 Salaries 720,800 Expense Advertising V Expense 292,000 Depreciation Expense Store Supplies Expense 81° 10 14,000 Miscellaneous ✓ Selling 12,600 Expense Office Salaries 411,100 Expense ✓ Rent Expense 88,700 Insurance ✓ Expense ° Miscellaneous ✓ Admin 7,800 Expense 6,214,670 6,214,670 Net Income 7,800 100,000 Comprehensive Problem 2 Part 5: Optional work sheet Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet using the following adjustment data. a. Inventory on May 31 b. Insurance expired during the year c. Store supplies on hand on May 31 d. Depreciation for the current year e. Accrued salaries on May 31: Sales salaries Office salaries $570,000 12,000 4,000 14,000 $7,000 6,600 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. If an amount box does not require an entry, leave it blank. Palisade Creek Co. Unadjusted Unadjusted Account Title Trial Balance Debit Trial Balance Credit End-of-Period Spreadsheet (Work Sheet) For the Year Ended May 31, 2016 Adjusted Adjusted Adjustments Adjustments Trial Trial Debit Credit Balance Balance Debit Credit Income Income Balance Balance Statement Statement Sheet Sheet Debit Credit Debit Credit Cash 86,970 86,970 Accounts ✓ Receivable 247,450 247,450 Inventory 583,950 13,950 570,000 Estimated Returns 15,200 Inventory Prepaid Insurance 16,800 Store ✓ Supplies 13,800 4,800 ✓ ✓ 9,800 4,000 Store Equipment 569,500 569,500 Accum. ✓ Depr.-Store 56,700 Equip. Accounts ✓ Payable 63,150 Salaries Payable Customers Refunds ✓ 0 29,270 Payable Common Stock Retained 100,000 ✓ Earnings 585,300 ✓ Dividends 135,000 135,000 Sales 5,380,250 Cost of ✓ Goods Sold Sales 3,013,000 Salaries 720,800 Expense Advertising V Expense 292,000 Depreciation Expense Store Supplies Expense 81° 10 14,000 Miscellaneous ✓ Selling 12,600 Expense Office Salaries 411,100 Expense ✓ Rent Expense 88,700 Insurance ✓ Expense ° Miscellaneous ✓ Admin 7,800 Expense 6,214,670 6,214,670 Net Income 7,800 100,000