sive Problem 2 Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 110 112 115 116 117 118 123 124 210 211 212 310 311 Cash 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, June 1, 2018 Lynn Tolley, Drawing $ 83,600 233,900 624,400 16,800 11,400 569,500 56,700 50,000 685,300 135,000