***THIS IS ALL ONE QUESTION: Please answer everything - Need by July 9th

Part 1:

Part 2:

Part 3:

Part 4:

Part 4:

Part 5:

Part 6:

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 as follows. Assume all accounts have normal balances. Part 1: Journalize the transactions below for May, the last month of the fiscal year. If an amount box does not require an entry, leave it blank. May 1: Paid rent for May, $5,000. May 1: Paid rent for May, $5,000 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: Received $22,300 cash from Halstad Co. on account. May 10: Sold merchandise for cash, $54,000. 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 16: Received cash from sale of May 6. May 19: Purchased merchandise for cash, $18,700. May 19: Paid $33,450 to Buttons Co. on account. May 21: For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. May 21: Received $42,900 cash from Gee Co. on account. 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: Received cash from sale of May 20 plus freight paid on May 21. May 31: Paid for purchase of May 21, less return of May 24. you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. Comprehensive Problem 2 Part 3: NOTE: You must complete parts 1 and 2 before completing part 3 . Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense 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 . 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. 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 . Adjusting Entries 20Y6 May 31 May 31 May 31 May 31 May 31 May 31 May 31 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. 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 Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense Comprehensive Problem 2 Part 8: You must complete parts 1,2,3,4,6 and 7 before attempting to complete part 8 . Note: part 5 is optional. 1. Prepare a multiple-step income statement. Palisade Creek Co. Income Statement For the Year Ended May 31, 20 Y6 Operating Expenses: Selling expenses: $ $ Total selling expenses Administrative expenses: $ $ Total administrative expenses Total operating expenses Net income 2. Prepare a statement of stockholders' equity. Assume that additional common stock of $10,000 was issued in January 20Y6. 3. Prepare a balance sheet. Liabilities Current liabilities: Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and Stockholders' Equity 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. You must complete parts 1,2,3,4,6,7,8 and 9 before attempting to complete part 10 . Part 5 is optional