Print Item Comprehensive Problem 2 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, 2018 Debit Credit 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 Dividends Sales Cost of Goods Sold Sales Salaries Expense Check My Work All work save 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. $570,000 12,000 a. Inventory on May 31 b. Insurance expired during the year Store supplies on hand on May 31 d. Depreciation for the current year C. 4,000 14,000 e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods 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. Date Description Post. Ref. Debit Credit Adjusting Entries 2014 May 31 May 31 May 31 May 31 Print Item Comprehensive Problem 2 Part 7: 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 balance. If an amount box does not require an entry, leave it blank. Palisade Creek Co. Adjusted Trial Balance May 31, 2018 Debit Credit 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 Dividends Sales Cost of Goods Soid Sales Salaries Expense Check My Work Print Item 1. Prepare a multiple-step income statement, Palisade Creek Co. Income Statement For the Year Ended May 31, 2018 Operating Expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses Net income Check My Work 2. Prepare a retained earnings statement. Palisade Creek Co. Retained Earnings Statement For the Year Ended May 31, 2018 3. Prepare a balance sheet. Palisade Creek Co. Balance Sheet May 31, 2018 Assets Current assets: Total current assets Property, plant and equipment: Check My Work Part 9: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9. Part 5 is optional. Journalize the closing entries. Then post the journal to the general ledger you created in part 1. Indicate closed accounts by inserting a line in both the balance columns opposite the closing entry. Insert the new balance in the retained earnings account. If an amount box does not require an entry, leave it blank. Date Description Post. Ref. Debit Credit 2018 May 31 May 31 May 31 May 31 Print Item Comprehensive Problem 2 Part 10: You must complete parts 1, 2, 3, 4, 6, 7, 8 and 9 before attempting to complete part 10 Parts in optional Prepare a post-closing trial balance. If an amount box does not require an entry leave it blank Palisade Creek Co. Post Closing Trial Balance May 31, 2018 Dobit Credit 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 Check My Work All work saved. Tch o TT e C Print Item Comprehensive Problem 2 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, 2018 Debit Credit 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 Dividends Sales Cost of Goods Sold Sales Salaries Expense Check My Work All work save 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. $570,000 12,000 a. Inventory on May 31 b. Insurance expired during the year Store supplies on hand on May 31 d. Depreciation for the current year C. 4,000 14,000 e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 13,600 f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods 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. Date Description Post. Ref. Debit Credit Adjusting Entries 2014 May 31 May 31 May 31 May 31 Print Item Comprehensive Problem 2 Part 7: 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 balance. If an amount box does not require an entry, leave it blank. Palisade Creek Co. Adjusted Trial Balance May 31, 2018 Debit Credit 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 Dividends Sales Cost of Goods Soid Sales Salaries Expense Check My Work Print Item 1. Prepare a multiple-step income statement, Palisade Creek Co. Income Statement For the Year Ended May 31, 2018 Operating Expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses Net income Check My Work 2. Prepare a retained earnings statement. Palisade Creek Co. Retained Earnings Statement For the Year Ended May 31, 2018 3. Prepare a balance sheet. Palisade Creek Co. Balance Sheet May 31, 2018 Assets Current assets: Total current assets Property, plant and equipment: Check My Work Part 9: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9. Part 5 is optional. Journalize the closing entries. Then post the journal to the general ledger you created in part 1. Indicate closed accounts by inserting a line in both the balance columns opposite the closing entry. Insert the new balance in the retained earnings account. If an amount box does not require an entry, leave it blank. Date Description Post. Ref. Debit Credit 2018 May 31 May 31 May 31 May 31 Print Item Comprehensive Problem 2 Part 10: You must complete parts 1, 2, 3, 4, 6, 7, 8 and 9 before attempting to complete part 10 Parts in optional Prepare a post-closing trial balance. If an amount box does not require an entry leave it blank Palisade Creek Co. Post Closing Trial Balance May 31, 2018 Dobit Credit 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 Check My Work All work saved. Tch o TT e C