prepare the following for may 31st
n=n instructions 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 (.) in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 1. Post the journal to the general ledger, 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. 2. Prepare an unadjusted trial balance. 3. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). a. Merchandise inventory on May 31 b. Insurance expired during the year c. Store supplies on hand on May 31d. Depreciation for the current year $570,00012,0004.000 14,000 Accrued salaries on May 31: Sales salaries Office salaries $7,0006,60013,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of merchandise sold. 1. (Optional) Enter the unadjusted trial balance on a 10column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 2. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 3. Prepare an adjusted trial balance. 4. Prepare an income statement, a statement of owner's equity, and a balance sheet. 5. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owner's capital account. 6. Prepare a post-closing trial balance. May 1: Pald 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 $41,000. 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 7: Recelved $22,300 cash from Halstad 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-sale coupons. The cost of the goods sold was $32,000. May 13: Paid for merchandise purchased on May 3. May 15: Paid advertising expense for last half of May, $11,000. May 17: Recelved cash from sale of May 2. May 19: Purchased merchandise for cash, $18,700. May 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 merchandise was $8,000. May 21: Sold merchandise on account to Crescent Co., terms n/eom, FOB shipping point, $110,000. The cost of the goods sold was $70,000. May 21: For the convenlence of Crescent Co., paid freight on sale of May 21, $2,300. May 21: Received $42,900 cash from Gee Co, on account. May 21: Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. May 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the scller for $5,000. May 26: Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. May 28: Paid sales salaries of $56,000 and office salaries of $29,000. May 29: Purchased store supplies for cash, $2,400. May 30: Sold merchandise on account to Turner Co., terms n/30, FOB shipping point, $78,750. The cost of the goods sold was $47,000. May 31: Received cash from sale of May 21 plus freight. May 31: Paid for purchase of May 21, less return of May 24. Part 1 and Part 2: Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1. 20Y6 (unless otherwise indicated) are se fallnwe An.w.m. - "accounts have normal balances. 520 Sales Salaries Expense 521 Advertising Expense 664,800 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 281,000 530 office Salaries Expense 531 Rent Expense 12,600 382,100 532 Insurance Expense 539 Miscellaneous Administrative Expense 83,700 7,800 Frtamarcd fefume livertion Vitesid Therence GFarm Sutrifes Stere I goomenh hiries. Dicroface tyun! Aureumts Payatio - stoma of frfunisi vaysin Comerion 500 Potemes tamenin Etwilenis Wiais Crat vilionon 5uld bates faladestapaen Abvirime f theise Copinsution I sgenst Clfis = raven Ropenis fient carenes injroncu Tiperied thMilarienth Alweli Eritere n=n instructions 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 (.) in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 1. Post the journal to the general ledger, 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. 2. Prepare an unadjusted trial balance. 3. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). a. Merchandise inventory on May 31 b. Insurance expired during the year c. Store supplies on hand on May 31d. Depreciation for the current year $570,00012,0004.000 14,000 Accrued salaries on May 31: Sales salaries Office salaries $7,0006,60013,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of merchandise sold. 1. (Optional) Enter the unadjusted trial balance on a 10column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 2. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 3. Prepare an adjusted trial balance. 4. Prepare an income statement, a statement of owner's equity, and a balance sheet. 5. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owner's capital account. 6. Prepare a post-closing trial balance. May 1: Pald 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 $41,000. 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 7: Recelved $22,300 cash from Halstad 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-sale coupons. The cost of the goods sold was $32,000. May 13: Paid for merchandise purchased on May 3. May 15: Paid advertising expense for last half of May, $11,000. May 17: Recelved cash from sale of May 2. May 19: Purchased merchandise for cash, $18,700. May 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 merchandise was $8,000. May 21: Sold merchandise on account to Crescent Co., terms n/eom, FOB shipping point, $110,000. The cost of the goods sold was $70,000. May 21: For the convenlence of Crescent Co., paid freight on sale of May 21, $2,300. May 21: Received $42,900 cash from Gee Co, on account. May 21: Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. May 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the scller for $5,000. May 26: Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. May 28: Paid sales salaries of $56,000 and office salaries of $29,000. May 29: Purchased store supplies for cash, $2,400. May 30: Sold merchandise on account to Turner Co., terms n/30, FOB shipping point, $78,750. The cost of the goods sold was $47,000. May 31: Received cash from sale of May 21 plus freight. May 31: Paid for purchase of May 21, less return of May 24. Part 1 and Part 2: Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1. 20Y6 (unless otherwise indicated) are se fallnwe An.w.m. - "accounts have normal balances. 520 Sales Salaries Expense 521 Advertising Expense 664,800 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 281,000 530 office Salaries Expense 531 Rent Expense 12,600 382,100 532 Insurance Expense 539 Miscellaneous Administrative Expense 83,700 7,800 Frtamarcd fefume livertion Vitesid Therence GFarm Sutrifes Stere I goomenh hiries. Dicroface tyun! Aureumts Payatio - stoma of frfunisi vaysin Comerion 500 Potemes tamenin Etwilenis Wiais Crat vilionon 5uld bates faladestapaen Abvirime f theise Copinsution I sgenst Clfis = raven Ropenis fient carenes injroncu Tiperied thMilarienth Alweli Eritere
