please solve anything blank or with a red X
May 3: Purchased merchandise on account from Martin Co., terms 2/10,n/30, FOB shipping point, $36,000. May 4: Paid freight on purchase of May 3,$600. May 15: Paid advertising expense for last half of May, $11,000. May 17: Received cash from sale of May 2. Part 1: Journalize the transactions below for May, the last month of the fiscal year. If an amount box does not require an entry, May 1: Paid rent for May, $5,000. May 2: Sold merchandise on account to Korman Co., terms n/15,FOB shipping point, $68,500. The cost of the goods sold was $41, For the Year Ended May 31, 20 Y 6 \begin{tabular}{lr} \hline Sales & 5,316,205 \\ \hline Cost of goods sold & 5 \\ \hline Gross profit & 2,991,950 \\ \hline & 2,289,255 \\ \hline \end{tabular} Expenses: Total seling expenses Mdministrative expenses: office salaries expense v Bent expense Insurance expense Total administrative expenses May 31: Paid for purchase of May 21, less return of May 24. Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of (..minoe nthorwice indicated). are as follows. Assume all accounts have normal baiances. May 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. May 26: Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. Liabilities Current liabilities: Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Feedbuck 19: Paid $33,450 to Buttons Co. on account. May 20: Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 2 . The cost of the returned merch af Crescent Co., paid freight on sale of May 21,$2,300. Palisade Creek Co. Post-Closing Trial Balance May 31, 20 Y6 Cash Accounts Receivable Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Salaries Payable Customers Refunds Payable Common Stock Retained Earnings 7. Racoived $22,300 cash from Haistad Co. on account. May 10: Sold merchandise with a list price of $61,500 to customers who used VISA and who redeemed $7,500 of point-of-s cost of the goods sold was $32,000. 2. Prepare a statement of stockholders' equity. Assume that additional common stock of $10,000 was issued in january 20Y6. 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 baiance. If an amount box does not require an entry, leave it blank. Palisade Creek Co. Balance Sheet May 31, 20 Y 6 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: nt nem 28: Pald sales salaries of $56,000 and office salaries of $29,000. Date May 28 Sales Salaries Expense v office Salaries Expehse Credit 56,000 85,000 Cash May 29: Purchased store supplies for cash, $2,400. Date Description Post. Ref. 2,400 May 29 Store Supplies Cash Credit 2,400 Ref. Description Date 78,750 78,750 May 30 -Sales Accounts Receivable-Turner Co. 47,000 May 30-Cost Cost of Goods sold v Common Stock Retained Earnings Dividends Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Otfice Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense
