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Please help me with part #8 .(ANSWER PART #8 PLEASE LAST FEW PICS) I provided parts 1-7. (Part 5 is optional) Please only answer if
Please help me with part #8.(ANSWER PART #8 PLEASE LAST FEW PICS) I provided parts 1-7. (Part 5 is optional) Please only answer if your answer is correct. Thanks in advance. What more info do you need?
Comprehensive Problem 2 Part 1 and Part 2 Palisade Creek Co, is a merchandising business that uses the perpetual inventory system. The account balances for Palsade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 116 Estimated Returns Inventory 624,400 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 569,500 123 Store Equipment Accumulated Depreciation-Store 124 Equipment 56,700 210 Accounts Payable 96,600 211 Oustomer Refunds Payable s0,000 212 Salaries Payable 310 Lynm Toley, Capital, June 1, 2018 311 Lyn Toley, Drawing 685,300 135,000 410 Sales 5,069,000 2,823,000 510 Cost of Merchandse Sold 520 Sales Salaries Expense 664,800 s21 Advertising Expense 281,000 $22 Depreciation Expense s23 Store Supplies Exspense 529 Miscellaneous Seling Expense 12,600 530 omce Salaries Expense 382,100 $31 Rent Expense 532 Insurance Expense 83,700 539 Miscellaneous 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 item section, and place a check mark (V) 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 is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. May 7: Received $22,300 cash from Halstad Co. on account. Post. Description Debit Credit Ref. 22,30 Cash 22,30 Accounts Receivable-Halstad Co. May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000 Post. Debit Description Credit Ref. 54,00 Cash Sales 54,00 32,00 Cost of Merchandise Sold Merchandise Inventory 32,00 May 13: Paid for merchandise purchased on May 3. Post. Description Debit Credit Ref. Accounts Payable-Martin Co. 36,00 Cash 35,28 May 15: Paid advertising expense for last half of May, $11,000. Post. Description Debit Credit Ref. Advertising Expense 11,00 Cash 11,00 May 16: Received cash from sale of May 6 May 20: Sold merchandise on account to Crescent Co, terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000. Post. Description Debit Credit Ref. 110,0 Accounts Recelvable-Crescent Co. Sales 110,0 Cost of Merchandise Sold Merchandise Inventory 70,00 70,00 May 21: For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. Post. Description Debit Credit Ref. Accounts Payable-Crescent Co. 2,300 Cash 2,300 May 21: Received S42,900 cash from Gee Co. on account. Post. Description Debit Credit Ref. 42,90 Cash 42,90 Accounts Recelvable-Gee Co. May 21: Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. Post. Debit Description Credit Ref. 88,00 Merchandise Inventory Accounts Payable-Osterman Co. 88,00 May 24: Retuned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. Dost Cash 85.00 May 29: Purchased store supplies for cash, $2,400 Description Post. Ref. Debit Credit Store Supplies 2,400 Cash 2,400 May 30: Sold merchandise on account to Turner Co., terms 2/10, n/30, FOs shipping point, $78,750. The cost of the merchandise sold was $47,000. Post. Description Debit Credit Ref. Accounts Receivable-Turner Co. 78,75 78,75 Sales 47,00 Cost of Merchandise Sold Merchandise Inventory 47,00 May 30: Received cash from sale of May 20 plus freight paid on May 21 Post. Description Debit Credit Ref. 111,2 Cash Accounts Receivable-Crescent Co. 112,3 May 31: Paid for purchase of May 21, less return of May 24, Post. Debit Description Credit Ref. Accounts Payable-Osterman Co. 82,12 82,12 Cash Part 3: NOTE: You must complete parts 1 and 2 before completing part 3. Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank. Palisade Creek Co. Unadjusted Trial Balance May 31, 2019 Debit Credit Balances Balances Cash 83,600 Accounts Receivable Merchandise Inventory 233,900 624,400 Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation- Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense 28,000 16,800 11,400 569,500 56,700 96,600 50,000 685,300 135,000 5,069,00 2,823,00 664,800 281,000 Comprehensive Problem 2 Part 1 and Part 2 Palisade Creek Co, is a merchandising business that uses the perpetual inventory system. The account balances for Palsade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 116 Estimated Returns Inventory 624,400 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 569,500 123 Store Equipment Accumulated Depreciation-Store 124 Equipment 56,700 210 Accounts Payable 96,600 211 Oustomer Refunds Payable s0,000 212 Salaries Payable 310 Lynm Toley, Capital, June 1, 2018 311 Lyn Toley, Drawing 685,300 135,000 410 Sales 5,069,000 2,823,000 510 Cost of Merchandse Sold 520 Sales Salaries Expense 664,800 s21 Advertising Expense 281,000 $22 Depreciation Expense s23 Store Supplies Exspense 529 Miscellaneous Seling Expense 12,600 530 omce Salaries Expense 382,100 $31 Rent Expense 532 Insurance Expense 83,700 539 Miscellaneous 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 item section, and place a check mark (V) 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 is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. May 7: Received $22,300 cash from Halstad Co. on account. Post. Description Debit Credit Ref. 22,30 Cash 22,30 Accounts Receivable-Halstad Co. May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000 Post. Debit Description Credit Ref. 54,00 Cash Sales 54,00 32,00 Cost of Merchandise Sold Merchandise Inventory 32,00 May 13: Paid for merchandise purchased on May 3. Post. Description Debit Credit Ref. Accounts Payable-Martin Co. 36,00 Cash 35,28 May 15: Paid advertising expense for last half of May, $11,000. Post. Description Debit Credit Ref. Advertising Expense 11,00 Cash 11,00 May 16: Received cash from sale of May 6 May 20: Sold merchandise on account to Crescent Co, terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000. Post. Description Debit Credit Ref. 110,0 Accounts Recelvable-Crescent Co. Sales 110,0 Cost of Merchandise Sold Merchandise Inventory 70,00 70,00 May 21: For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. Post. Description Debit Credit Ref. Accounts Payable-Crescent Co. 2,300 Cash 2,300 May 21: Received S42,900 cash from Gee Co. on account. Post. Description Debit Credit Ref. 42,90 Cash 42,90 Accounts Recelvable-Gee Co. May 21: Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. Post. Debit Description Credit Ref. 88,00 Merchandise Inventory Accounts Payable-Osterman Co. 88,00 May 24: Retuned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. Dost Cash 85.00 May 29: Purchased store supplies for cash, $2,400 Description Post. Ref. Debit Credit Store Supplies 2,400 Cash 2,400 May 30: Sold merchandise on account to Turner Co., terms 2/10, n/30, FOs shipping point, $78,750. The cost of the merchandise sold was $47,000. Post. Description Debit Credit Ref. Accounts Receivable-Turner Co. 78,75 78,75 Sales 47,00 Cost of Merchandise Sold Merchandise Inventory 47,00 May 30: Received cash from sale of May 20 plus freight paid on May 21 Post. Description Debit Credit Ref. 111,2 Cash Accounts Receivable-Crescent Co. 112,3 May 31: Paid for purchase of May 21, less return of May 24, Post. Debit Description Credit Ref. Accounts Payable-Osterman Co. 82,12 82,12 Cash Part 3: NOTE: You must complete parts 1 and 2 before completing part 3. Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank. Palisade Creek Co. Unadjusted Trial Balance May 31, 2019 Debit Credit Balances Balances Cash 83,600 Accounts Receivable Merchandise Inventory 233,900 624,400 Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation- Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense 28,000 16,800 11,400 569,500 56,700 96,600 50,000 685,300 135,000 5,069,00 2,823,00 664,800 281,000Step by Step Solution
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