PLEASE HELP!
Comprehensive Problem 2 Part 4 and 6:
Note: You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6. Part 5 is an optional work sheet.
4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6.
| a. | Merchandise inventory on May 31 | | | $570,000 |
| b. | Insurance expired during the year | | 12,000 |
| c. | Store supplies on hand on May 31 | | 4,000 |
| d. | Depreciation for the current year | | 14,000 |
| e. | Accrued salaries on May 31: |
| | Sales salaries | $7,000 | |
| | Office salaries | 6,600 | 13,600 |
| f. | The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of merchandise sold. |
6. Journalize the adjusting entries. For a compound transaction, if an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2.
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Pro Print Item Calculator eBook Comprehensive Problem 2 Part 1 and Part 2: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system $83,600 110 Cash 233,900 112 Accounts Receivable 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 Accumulated Depreciation-Store 56,700 Equipment 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 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: Using the attached spreadsheet, enter the balances of each of the accounts in the app column. Journalize the transactions for May, the last month of the fiscal year, below. Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end acuinte receivable and arrinte navale sihitarv ledere 1/8 items Score: 0.0% 30 L ensive Problem 2 0.000 Part 1 and Part 2 Palisade Creek Cole merchanding business that uses the perpetu n tory system. The contences for 110 Cash of May 1, 2019 indiwed, 112 Accounts Receivable 115 Merchandise Inwentary 024,400 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Event 124 Accumulated Depreciation --Store Equipment 210 Accounts Payable 211 Customer Refunds Payable 212 Salaries Payable 310 Lynn Torley, Capital, June 1, 2018 605,300 311 Lynn Tolley, Drawing 135,000 410 Sales 5.069,000 510 Cost of Merchandise Sold 2.823,000 520 Sales Salaries Expense 564,800 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 12.600 530 Omice Salaries Expense 531 Rent Expense 83,700 532 Insurance Expense 539 Miscellaneous Administrative Expense 7,800 section, and place a check mark the R ing Reference Part 1. Using the attached spreadsheet, enter the balances of each of the accounts in the appropriate balance column of a four-column sccount. Write Balance in the column. Journeze the transactions for May, the last month of the scal year, below posting is completed. In this problem, you are not more to date or post to the Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end balances to the appropriate balance columns after arunter and he shidiary lovers 939 Misceraneous Administrative Expense 7.800 Part 1: Using the attached spreadsheet, enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the Remsection, and place a check mark () in the Posting Reference column. Journalize the transactions for May, the last month of the fiscal year, below. Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end balances to the appropriate balance columns after all posting update or post to the accounts receivable and accounts payable subsidiary ledgers. completed. In this problem, you are not required to For a compound transaction, if an amount box does not reguve an entry leavet blank or entero" May 11 Paid rent for May, 55,000. Post. Ref. Debit Credit Description Rent Expense 5,000 Cash 5,000 May Si Purchased merchandise on account from Martin Co, terms 2/10, 1/30, FB shipping point, $36,000. Description Post. Ref. Debit Credit Merchandise Inventory Accounts Payable-Martin Co. 36,000 May 4. Paid freight on purchase of May 3, 5600 Description Post. Ref. Credit Debit 600 Merchandise Inventory May 6: Sold merchandise on account to Korman Co., terms 2/10, 1/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. Post. Description Debit Bef Credit Accounts Receivable-Korman Co. 68,500 Sales 68,500 Cost of Merchandise Sold 41,000 Merchandise Inventory 41,000 May 7 Received $22,300 cash from Halstad Co. on account Post Description Debit Credit Ref. 22,300 Accounts Receivable-Halstad Co. 22,300 May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. Description Post. Ref. Debit Credit Cash 54,000 54,000 Cost of Merchandise Sold 32,000 Merchandise Inventory 32,000 May 13! Pald for merchandise purchased on May 3 Description Post. Ref. Credit Debit 36,000 Accounts Payable-Martin Co. Cash 35,280 May 15: Paid advertising expense for last half of May, $11,000. Description Post. Ref. Debit Credit Advertising Expense 11,000 Cash 11,000 May 16: Received cash from sale of May 6. Description Post. Ref. Debit Credit Cash 67,130 Accounts Receivable-Korman Co. 68,500 May 19: Purchased merchandise for cash, $18,700. Description Merchandise Inventory Post. Ref. ,Debit Credit 18,700 Cash 18,700 2 Pro Print Item Calculator eBook Comprehensive Problem 2 Part 1 and Part 2: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system $83,600 110 Cash 233,900 112 Accounts Receivable 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 Accumulated Depreciation-Store 56,700 Equipment 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 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: Using the attached spreadsheet, enter the balances of each of the accounts in the app column. Journalize the transactions for May, the last month of the fiscal year, below. Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end acuinte receivable and arrinte navale sihitarv ledere 1/8 items Score: 0.0% 30 L ensive Problem 2 0.000 Part 1 and Part 2 Palisade Creek Cole merchanding business that uses the perpetu n tory system. The contences for 110 Cash of May 1, 2019 indiwed, 112 Accounts Receivable 115 Merchandise Inwentary 024,400 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Event 124 Accumulated Depreciation --Store Equipment 210 Accounts Payable 211 Customer Refunds Payable 212 Salaries Payable 310 Lynn Torley, Capital, June 1, 2018 605,300 311 Lynn Tolley, Drawing 135,000 410 Sales 5.069,000 510 Cost of Merchandise Sold 2.823,000 520 Sales Salaries Expense 564,800 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 12.600 530 Omice Salaries Expense 531 Rent Expense 83,700 532 Insurance Expense 539 Miscellaneous Administrative Expense 7,800 section, and place a check mark the R ing Reference Part 1. Using the attached spreadsheet, enter the balances of each of the accounts in the appropriate balance column of a four-column sccount. Write Balance in the column. Journeze the transactions for May, the last month of the scal year, below posting is completed. In this problem, you are not more to date or post to the Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end balances to the appropriate balance columns after arunter and he shidiary lovers 939 Misceraneous Administrative Expense 7.800 Part 1: Using the attached spreadsheet, enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the Remsection, and place a check mark () in the Posting Reference column. Journalize the transactions for May, the last month of the fiscal year, below. Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end balances to the appropriate balance columns after all posting update or post to the accounts receivable and accounts payable subsidiary ledgers. completed. In this problem, you are not required to For a compound transaction, if an amount box does not reguve an entry leavet blank or entero" May 11 Paid rent for May, 55,000. Post. Ref. Debit Credit Description Rent Expense 5,000 Cash 5,000 May Si Purchased merchandise on account from Martin Co, terms 2/10, 1/30, FB shipping point, $36,000. Description Post. Ref. Debit Credit Merchandise Inventory Accounts Payable-Martin Co. 36,000 May 4. Paid freight on purchase of May 3, 5600 Description Post. Ref. Credit Debit 600 Merchandise Inventory May 6: Sold merchandise on account to Korman Co., terms 2/10, 1/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. Post. Description Debit Bef Credit Accounts Receivable-Korman Co. 68,500 Sales 68,500 Cost of Merchandise Sold 41,000 Merchandise Inventory 41,000 May 7 Received $22,300 cash from Halstad Co. on account Post Description Debit Credit Ref. 22,300 Accounts Receivable-Halstad Co. 22,300 May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. Description Post. Ref. Debit Credit Cash 54,000 54,000 Cost of Merchandise Sold 32,000 Merchandise Inventory 32,000 May 13! Pald for merchandise purchased on May 3 Description Post. Ref. Credit Debit 36,000 Accounts Payable-Martin Co. Cash 35,280 May 15: Paid advertising expense for last half of May, $11,000. Description Post. Ref. Debit Credit Advertising Expense 11,000 Cash 11,000 May 16: Received cash from sale of May 6. Description Post. Ref. Debit Credit Cash 67,130 Accounts Receivable-Korman Co. 68,500 May 19: Purchased merchandise for cash, $18,700. Description Merchandise Inventory Post. Ref. ,Debit Credit 18,700 Cash 18,700 2
