Part 7:

You must complete parts 1, 2, 3, 4 and 6 before completing part 7. Part 5 is the optional work sheet.

Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.

Palisade Creek Co. Adjusted Trial Balance May 31, 20Y6
	Debit	Credit
Cash	fill in the blank 1	fill in the blank 2
Accounts Receivable	fill in the blank 3	fill in the blank 4
Inventory	fill in the blank 5	fill in the blank 6
Estimated Returns Inventory	fill in the blank 7	fill in the blank 8
Prepaid Insurance	fill in the blank 9	fill in the blank 10
Store Supplies	fill in the blank 11	fill in the blank 12
Store Equipment	fill in the blank 13	fill in the blank 14
Accumulated Depreciation-Store Equipment	fill in the blank 15	fill in the blank 16
Accounts Payable	fill in the blank 17	fill in the blank 18
Salaries Payable	fill in the blank 19	fill in the blank 20
Customers Refunds Payable	fill in the blank 21	fill in the blank 22
Common Stock	fill in the blank 23	fill in the blank 24
Retained Earnings	fill in the blank 25	fill in the blank 26
Dividends	fill in the blank 27	fill in the blank 28
Sales	fill in the blank 29	fill in the blank 30
Cost of Goods Sold	fill in the blank 31	fill in the blank 32
Sales Salaries Expense	fill in the blank 33	fill in the blank 34
Advertising Expense	fill in the blank 35	fill in the blank 36
Depreciation Expense	fill in the blank 37	fill in the blank 38
Store Supplies Expense	fill in the blank 39	fill in the blank 40
Miscellaneous Selling Expense	fill in the blank 41	fill in the blank 42
Office Salaries Expense	fill in the blank 43	fill in the blank 44
Rent Expense	fill in the blank 45	fill in the blank 46
Insurance Expense	fill in the blank 47	fill in the blank 48
Miscellaneous Administrative Expense	fill in the blank 49	fill in the blank 50
	fill in the blank 51	fill in the blank 52

Comprehensive Problem 2 Part 1 and Part 2: Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows. Assume all accounts have normal balances. 110 Cash $83,600 312 Dividends $135,000 112 Accounts Receivable 233,900 410 Sales 5,069,000 624,400 510 Cost of Goods Sold 2,823,000 115 Inventory 116 Estimated Returns Inventory 28,000 520 Sales Salaries Expense 664,800 117 Prepaid Insurance 16,800 521 Advertising Expense 281,000 118 Store Supplies 11,400 522 Depreciation Expense 123 Store Equipment 569,500 523 Store Supplies Expense 529 Miscellaneous Selling Expense 124 Accumulated Depreciation-Store Equipment 56,700 12,600 210 Accounts Payable 96,600 530 Office Salaries Expense 382,100 211 Salaries Payable 531 Rent Expense 83,700 212 Customers Refunds Payable 50,000 532 Insurance Expense 310 Common Stock 100,000 539 Miscellaneous Administrative Expense 7,800 311 Retained Earnings 585,300 539