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Question Content Area Comprehensive Problem 2 Part 1 and Part 2 : Palisade Creek Co . is a merchandising business that uses the perpetual inventory
Question Content Area Comprehensive Problem Part and Part : Palisade Creek Co is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co as of May Yunless otherwise indicated are as follows: Cash $ Accounts Receivable Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated DepreciationStore Equipment Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital, June Y Lynn Tolley, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense Part : Journalize the transactions for May, the last month of the fiscal year, below. Part : Using the attached spreadsheet as your general ledger, post the journal entries you created in Part to the general ledger, extending the monthend 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. Please be sure to save the spreadsheet general ledger to use for the remaining parts of this comprehensive problem. Comprehensive Problem Part : NOTE: You must complete parts and before completing part Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank.Question Content Area Comprehensive Problem Part and : Note: You must complete parts and before attempting to complete part and part Part is an optional work sheet. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part a Merchandise inventory on May $ b Insurance expired during the year c Store supplies on hand on May d Depreciation for the current year e Accrued salaries on May : Sales salaries $ Office salaries f The adjustment for customer refunds and allowances is $ Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts and Question Content Area Comprehensive Problem Part : Enter the unadjusted trial balance on a column endofperiod spreadsheet work sheet and complete the spreadsheet using the following adjustment data. a Merchandise inventory on May $ b Insurance expired during the year c Store supplies on hand on May d Depreciation for the current year e Accrued salaries on May : Sales salaries $ Office salaries f The adjustment for customer refunds and allowances is $ If an amount box does not require an entry, leave it blank.Question Content Area Comprehensive Problem Part : You must complete parts and before completing part Part is the optional work sheet. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.Part : You must complete parts and before attempting to complete part Prepare an income statement.Comprehensive Problem Part : You must complete parts and before attempting to complete part Journalize the closing entries. Then post the journal to the general ledger you created in part Indicate closed accounts by inserting a line in both the balance columns opposite the closing entry. Insert the new balance in the owner's capital account. If an amount box does not require an entry, leave it blank.Question Content Area Comprehensive Problem Part : You must complete parts and before attempting to complete part Prepare a postclosing trial balance. If an amount box does not require an entry, leave it blank.
Question Content Area
Comprehensive Problem
Part and Part :
Palisade Creek Co is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co as of May Yunless otherwise indicated are as follows:
Cash $
Accounts Receivable
Merchandise Inventory
Prepaid Insurance
Store Supplies
Store Equipment
Accumulated DepreciationStore Equipment
Accounts Payable
Customer Refunds Payable
Salaries Payable
Lynn Tolley, Capital, June Y
Lynn Tolley, Drawing
Sales
Cost of Merchandise Sold
Sales Salaries Expense
Advertising Expense
Depreciation Expense
Store Supplies Expense
Miscellaneous Selling Expense
Office Salaries Expense
Rent Expense
Insurance Expense
Miscellaneous Administrative Expense
Part : Journalize the transactions for May, the last month of the fiscal year, below.
Part : Using the attached spreadsheet as your general ledger, post the journal entries you created in Part to the general ledger, extending the monthend 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. Please be sure to save the spreadsheet general ledger to use for the remaining parts of this comprehensive problem. Comprehensive Problem
Part :
NOTE: You must complete parts and before completing part
Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank.Question Content Area
Comprehensive Problem
Part and :
Note: You must complete parts and before attempting to complete part and part Part is an optional work sheet.
At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part
a Merchandise inventory on May $
b Insurance expired during the year
c Store supplies on hand on May
d Depreciation for the current year
e Accrued salaries on May :
Sales salaries $
Office salaries
f The adjustment for customer refunds and allowances is $
Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts and Question Content Area
Comprehensive Problem
Part :
Enter the unadjusted trial balance on a column endofperiod spreadsheet work sheet and complete the spreadsheet using the following adjustment data.
a Merchandise inventory on May $
b Insurance expired during the year
c Store supplies on hand on May
d Depreciation for the current year
e Accrued salaries on May :
Sales salaries $
Office salaries
f The adjustment for customer refunds and allowances is $
If an amount box does not require an entry, leave it blank.Question Content Area
Comprehensive Problem
Part :
You must complete parts and before completing part Part is the optional work sheet.
Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.Part :
You must complete parts and before attempting to complete part
Prepare an income statement.Comprehensive Problem
Part :
You must complete parts and before attempting to complete part
Journalize the closing entries. Then post the journal to the general ledger you created in part Indicate closed accounts by inserting a line in both the balance columns opposite the closing entry. Insert the new balance in the owner's capital account.
If an amount box does not require an entry, leave it blank.Question Content Area
Comprehensive Problem
Part :
You must complete parts and before attempting to complete part Prepare a postclosing trial balance. If an amount box does not require an entry, leave it blank.
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