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Please help! I need a journal, ledger, unadjusted trial balance, and adjusted trial balance. Thank you! Palisade Creek Co is a merchandising business that uses
Please help! I need a journal, ledger, unadjusted trial balance, and adjusted trial balance. Thank you!
Palisade Creek Co is a merchandising business that uses the perpetuat inventery. sysiem. The account balances for Paliside Creek Co. as of May 1 , 20Y7 (unless otherwise indicaled) are as follows. 1 more Check My Work uses remaining. Ch. 6 Comprehensive Problem 2, Part 1 During Mary, the last month of the fiscal voa, the following transactions were completed Fiecond the foolowng transaceions on page 20 of the joumal May 1 Pais rent for May, 55.000. 3. Purchased mecchandise on account trom Martin Co, Ierms 2/10,n30, FOB shipping point, 530,000. 4. Paid freight on purchase of May 3, 5600 6. Sold metchardise on account to Kormay Ca, terms 2110 . na0, FOB shigpeng point. $68.500 The cost Durng May, the last month of the fiscal year, the following transacions were completed Record the following transactions on page 20 of the joumal May 1 Paid rent for May, \$5,000. 3 Purchased merchandise on account from Martin Co, terms 2110, n/30, FOB shipping point, $36,000 4 Paid freight on purchase of May 3, $800. 6. Sokd merchandise on account to Korntan Co, terms 2/10, r/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. 7 Received $22.300 cash from Halstad Co on account. 10 Sold metchandise for cash, $54,000. The cost of the merchandise sold was $32,000. 13 Paid for aerchandise purchased on May 3 15 Paid advertising expense for last half of May, $11,000 16 Recerved cash from sale of May 6 . 19 Purchased merchandise for cash, $18,700 19 Paid $33,450 to Buttons Co on account. 20 Paid Korman Co a cash retund of $5,000 for damaged merchandise from sale of May 6 . Korman Co. kept the merchandise: May 20 Sold merchandise on account to Crescent Co. teims 1/10, n/30, FOB shipping point, $110,000. Thecost of the merchandise sold was $70,000 21 For the convenvence of Crescent Co, pad fieight on sale of May 20, 32,300 21 Recceived $42,900cash from Gee Co on account. 21 Putchased merchandice on account from Osteiman Co, teinis 1/10,n30,FOB destination, $88,000 24. Returned damaged merchandise purchased on May 21, feceiving a credt memo from the seiler for 5.000= 26. Refunded cash co sales made for cashy 1000 the defecteve merchandise was nof returned by the cusiomer. 20 Pad sales salaries of 550,000 and oflice salaries of $20,000 28 Purchatsed store supplies for cash, $2,400 30. Sold merchandise on account to Turner Co., terms 2/10, n30, F0e shipping point, 578,750 . The cost of the meichandise soid was $47.000. 30 Received cash from sale of May 20 plas fienght paid on May 21 31 Paid for purchase of May 21, less return of May 24 1. Downioad the spreadsheet in the Ledger panel and save the Excel file fo your computer. Use the spreadsheet to post the May transactions from the journal to a ledger of four-column accounts Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem A Enter the May 1 balances of each of the accounts in the oppropriate balance column of a four-column account Enter May 1 in the date. column. Write Balance in the item section, and enter " X " in the Posting Reference column B. Joumalize the transactions for May starting on Page 20 of the journal. 2. Post the iournat to the general hedger, extending 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 recervable and accounts payable subsidiary ledgers Add the appropnale posting reforence to the journat. 3. Prepare an unadjusted tnal balance. Accounts with zero balances can be feft blank 4. At the end of May, the following adjustment data were assembled Analyze and ase these data to complete (5) and (6). - Merchandise inventory on May 31, 5585,200 - Insurance expired during the year, $12,000 - Store supplies on hand on May 31, \$4,000 - Depreciation for the current year, \$14,000 - Accrued salares on May 31 - Merchandise inventory on May 31, \$585,200 - Insurance expired during the year, $12,000 - Store supplies on hand on May 31, 54,000 - Depreciation for the current year, $14,000 - Accrued salaries on May 31 Sales salaries, $7,000 Office salaries, 56,600 Tolal accrued salanies. $13,600 - The adfustment for customer refunds and allowances is $60,000. 5 (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on a 10 -column end- of-peniod spreadsheet (work sheet), and complote the spreadsheet. Find a blank end-of period work sheet in the Excel spreadsheel you proviously downloaded. 6. A Joumalize the adjusting entres Record the adjusting entres on Page 22 of the joumal. B Post the adfusting entries. Add the appropriate posting reference to the joumal 7. Prepare an adjusted trial balance. Accounts with zero balances can be left blank -Refer to the chart of accounts for the exact wording of the account tales. CNOW joumals do not use liges for joumal explanations. Every line on a purnal page is used for debit or credit entries. CNOW purnals wif automatically indent a credit entry when a crecit amount is entered. Palisade Creek Co is a merchandising business that uses the perpetuat inventery. sysiem. The account balances for Paliside Creek Co. as of May 1 , 20Y7 (unless otherwise indicaled) are as follows. 1 more Check My Work uses remaining. Ch. 6 Comprehensive Problem 2, Part 1 During Mary, the last month of the fiscal voa, the following transactions were completed Fiecond the foolowng transaceions on page 20 of the joumal May 1 Pais rent for May, 55.000. 3. Purchased mecchandise on account trom Martin Co, Ierms 2/10,n30, FOB shipping point, 530,000. 4. Paid freight on purchase of May 3, 5600 6. Sold metchardise on account to Kormay Ca, terms 2110 . na0, FOB shigpeng point. $68.500 The cost Durng May, the last month of the fiscal year, the following transacions were completed Record the following transactions on page 20 of the joumal May 1 Paid rent for May, \$5,000. 3 Purchased merchandise on account from Martin Co, terms 2110, n/30, FOB shipping point, $36,000 4 Paid freight on purchase of May 3, $800. 6. Sokd merchandise on account to Korntan Co, terms 2/10, r/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. 7 Received $22.300 cash from Halstad Co on account. 10 Sold metchandise for cash, $54,000. The cost of the merchandise sold was $32,000. 13 Paid for aerchandise purchased on May 3 15 Paid advertising expense for last half of May, $11,000 16 Recerved cash from sale of May 6 . 19 Purchased merchandise for cash, $18,700 19 Paid $33,450 to Buttons Co on account. 20 Paid Korman Co a cash retund of $5,000 for damaged merchandise from sale of May 6 . Korman Co. kept the merchandise: May 20 Sold merchandise on account to Crescent Co. teims 1/10, n/30, FOB shipping point, $110,000. Thecost of the merchandise sold was $70,000 21 For the convenvence of Crescent Co, pad fieight on sale of May 20, 32,300 21 Recceived $42,900cash from Gee Co on account. 21 Putchased merchandice on account from Osteiman Co, teinis 1/10,n30,FOB destination, $88,000 24. Returned damaged merchandise purchased on May 21, feceiving a credt memo from the seiler for 5.000= 26. Refunded cash co sales made for cashy 1000 the defecteve merchandise was nof returned by the cusiomer. 20 Pad sales salaries of 550,000 and oflice salaries of $20,000 28 Purchatsed store supplies for cash, $2,400 30. Sold merchandise on account to Turner Co., terms 2/10, n30, F0e shipping point, 578,750 . The cost of the meichandise soid was $47.000. 30 Received cash from sale of May 20 plas fienght paid on May 21 31 Paid for purchase of May 21, less return of May 24 1. Downioad the spreadsheet in the Ledger panel and save the Excel file fo your computer. Use the spreadsheet to post the May transactions from the journal to a ledger of four-column accounts Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem A Enter the May 1 balances of each of the accounts in the oppropriate balance column of a four-column account Enter May 1 in the date. column. Write Balance in the item section, and enter " X " in the Posting Reference column B. Joumalize the transactions for May starting on Page 20 of the journal. 2. Post the iournat to the general hedger, extending 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 recervable and accounts payable subsidiary ledgers Add the appropnale posting reforence to the journat. 3. Prepare an unadjusted tnal balance. Accounts with zero balances can be feft blank 4. At the end of May, the following adjustment data were assembled Analyze and ase these data to complete (5) and (6). - Merchandise inventory on May 31, 5585,200 - Insurance expired during the year, $12,000 - Store supplies on hand on May 31, \$4,000 - Depreciation for the current year, \$14,000 - Accrued salares on May 31 - Merchandise inventory on May 31, \$585,200 - Insurance expired during the year, $12,000 - Store supplies on hand on May 31, 54,000 - Depreciation for the current year, $14,000 - Accrued salaries on May 31 Sales salaries, $7,000 Office salaries, 56,600 Tolal accrued salanies. $13,600 - The adfustment for customer refunds and allowances is $60,000. 5 (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on a 10 -column end- of-peniod spreadsheet (work sheet), and complote the spreadsheet. Find a blank end-of period work sheet in the Excel spreadsheel you proviously downloaded. 6. A Joumalize the adjusting entres Record the adjusting entres on Page 22 of the joumal. B Post the adfusting entries. Add the appropriate posting reference to the joumal 7. Prepare an adjusted trial balance. Accounts with zero balances can be left blank -Refer to the chart of accounts for the exact wording of the account tales. CNOW joumals do not use liges for joumal explanations. Every line on a purnal page is used for debit or credit entries. CNOW purnals wif automatically indent a credit entry when a crecit amount is entered
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