Please help me with part #8. I provided parts 1-7. (Part 5 is optional)

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. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0 May 1: Paid rent for May, $5,000. Debit Credit Description Post. Ref. Rent Expense 5,000 Cash 5,000 May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. Post. Description Debit Credit Ref. Merchandise Inventory Accounts Payable-Martin Co. 36,00 36,00 May 4: Paid freight on purchase of May 3, $600. Post. Description Debit Credit Ref. Merchandise Inventory 600 600 Cash May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. Post. Description Debit Credit Ref. 68,50 Accounts Receivable-Korman Co. 68,50 Sales 41,00 Cost of Merchandise Sold 41,00 Merchandise Inventory May 7: Received $22,300 cash from Halstad Co. on account. 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. Debit Description Credit Ref. 110,0 Accounts Recelvable-Crescent Co. Sales 110,0 Cost of Merchandise Sold 70,00 Merchandise Inventory 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 $42,900 cash from Gee Co. on account. Post. Debit Description Credit Ref. 42,90 Cash Accounts Receivable-Gee Co. 42,90 May 21: Purchased merchandise on account from Osteman Co., terms 1/10, n/30, FOB destination, s88,000. Post. Ref. Debit Description Credit Merchandise Inventory Accounts Payable-Osterman Co. ,1 88,00 May 24: Retuned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. Dast 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 eBook Caloulator Print tem May 24: Retumed damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. Post Debit Credit Descriptien Ref. Accounts Payable-Osterman Co. Merchandise Inventory 5,000 5,000 May 26: Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800 Post. Ref. Description Debit Credit Customers Refunds Payable 7,500 7,500 Cash 4,800 Herchandise Inventory Cost of Merchandise Sold 4,800 May 28: Pald sales salaries of s56,000 and office salaries of $29,000. Post Ref. Description Debit Credit Sales Salaries Expense 56,00 29,00 office Salarles Expense Cash 85,00 May 291 Purchased store supplies for cash, $2,400. Post. Ref. Debit Credit Description Store Supplies 2,400 Cash 2,400 May 301 Sold merchandise on account to Turner Co, terms 2/10, n/30, ron shipping point, $78,750. The cost of the merchandise sold was $47,000 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 Cash 83,600 Accounts Receivable Merchandise Inventory 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 Merchand ise Sold 233,900 624,400 28,000 16,800 11,400 569,500 56,700 96,600 50,000 685,300 135,000 5,069,00 2,823,00 Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense 664,800 281,000 12,600 382,100 83,700 7,800 5,957,60 5,957,60 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 t The adjustment for customer returns and alowances 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 Page 22 Post Date Description Debit Credit Ref. Adjusting Entries Page 22 Post. Debit Credit Description Date Ref. Adjusting Entries 2019 Cost of Merchandise Sold May 31 54,400 Merchandise Inventory 54,400 May 31 Insurance Expense 12,000 Prepaid Insurance 12,000 May 31 Store Supplies Expense 7,400 Store Supplies 7,400 Depreciation Expense May 31 14,000 Accumulated Depreciation-Store Equipment 14,000 May 31 Sales Salaries Expense 7,000 Office Salaries Expense 6,600 eBook 12,000 Insurance Expense May 31 12,000 Prepaid Insurance 7,400 Store Supplies Expense May 31 Store Supplies 7,400 Depreciation Expense 14,000 May 31 Accumulated Depreciation-Store Equipment 14,000 Sales Salaries Expense May 31 7,000 Office Salaries Expense 6,600 Salaries Payable 13,600 May 31 Sales 6,000 Customer Refunds Payable 6,000 May 31 Estimated Returns Inventory 35,000 Cost of Merchandise Sold 35,000 Palisade Creek Co. Adjusted Trial Balance May 31, 2019 Debit Balances Credit Balances 83600 ts receivable 233900 ndise inventory ($624400 - $54400) 570000 ed returns inventory ($28000 + $35000) 63000 insurance ($16800- $12000) 4800 upplies ($11400 - $7400) 4000 quipment 569500 lated depreciation-store equipment ($56700 $14000) 70700 ts payable 96600 er refunds payable ($50000 + $6000) 56000 payable 13600 lley, capital 685300 lley, drawing 135000 5069000-$6000) 5063000 merchandise sold ($2823000 + $54400 - $35000) 2842400 laries expense ($664800 $70o0) 671800 sing expense 281000 ation expense 14000 pplies expense 7400 aneous selling expense 12600 alaries expense ($382100 + $6600) 388700 83700 pense pense 12000 aneous administrative expense 7800 5985200 5985200 1. Prepare an income statement. Palisade Creek Co. Income Statement For the Year Ended May 31, 2019 Expenses: Selling expenses : Total selling expenses Administrative expenses: $ Total administrative expenses Total expenses Net income 2. Prepare a statement of owner's equity. Palisade Creek Co. Statement of Owner's Equity 2. Prepare a statement of owner's equity. Palisade Creek Co. Statement of Owner's Equity For the Year Ended May 31, 2019 3. Prepare a balance sheet Palisade Creek Co. Balance Sheet May 31, 2019 Assets Current assets: $ Total current assets Property, plant, and equipment: Total pronerty plant and. Palisade Creek Co. Balance Sheet May 31, 2019 Assets Current assets: $ Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: $ Total liabilities Owner's equity Total liabilities and owner's equity