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 Cash $ 83,600 233,900 624,400 28,000 16,800 118 11,400 569,500 56,700 112 Accounts Receivable 115 Merchandise Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance Store Supplies 123 Store Equipment 124 Accumulated Depreciation-Store Equipment 210 Accounts Payable 211 Customers Refunds Payable 212 Salaries Payable 310 Lynn Tolley, Capital, June 1. 2018 311 Lynn Tolley, Drawing 410 Sales 510 Cont of Marchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 96,600 50.000 685,300 135.000 5.069.000 2.823.000 664 800 281.000 523 529 12,600 530 382, 100 Store Supplies Expense Miscellaneous Seling Expense Office Salarios Expenso Rent Expense Insurance Expense Miscellaneous Administrative Expense 531 83,700 532 539 7,800 During May, the last month of the fiscal year, the following transactions were completed Record the following transactions on page 20 of the journal. Refer to the Chart of Accounts for exact wording of account titles May 1 3 4 6 7 Paid rent for May, 55,000 Purchased merchandise on account from Martin Co torms 2/10,n30, FOB shipping point, $36,000 Paie freight on purchase of May 3, 5600 Sold merchandise on account to Korman Co., terms 2010, 1/30 FOB shipping point, 568,600. The cost of the merchandise sold was $41.000 Received $22,300 cash from Hulstad Co. on account. Sold merchandise for cash 354,000. The cost of the merchandise nold wan 532.000 Paid for merchandise purchased on May 3 Pald advertising expense for last half of May $11.000 Rocolved cash from sale of May 6 Purchased merchandise for cash $18 700 10 13 15 16 19 20 Paid Korman Co a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500, and the cost of the returned merchandise was $8,000 Record the following transactions on page 21 of the journal. Refer to the Chart of Accounts for exact wording of account tilles May 20 21 Sold merchandise on account to Crescent Co, terms 1/10, 1/30, FOB shipping point, 5110,000. The cost of the merchandise sold was $70,000 For the convenience of Crescent Co., paid freight on sale of May 20, $2,300 Received $42.900 cash from Geo Co on account. Purchased merchandise on account from Osterman Co. terms 1/10,n/30 FOB destination, 588,000. Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for 21 21 24 $5,000 26 28 29 30 Refunded cash on sales made for cash $7500 The cost of the merchandise returned was 54,800 Paid sales salaries of $56,000 and office salaries of $29.000 Purchased store supplies for cash, $2,400 Sold merchandise on account to Turner Co, terms 2/10,n/30 FOB shipping point, $78,750. The cost of the merchandise sold was $47.000 Received cash from sale of May 20 plus freight paid on May 21 Paid for purchase of May 21, less return of May 24 30 31 Required: 1 Download the spreadsheet in the Ledger panel and save the Excel file to your computer Use the spreadsheet to post the May transactions from the journal to a ledger of four-column accounts. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem. A Enter the May 1 balances of each of the accounts in the appropriate balance column of a four-column account Enter May 1 in the date column. Write Balance in the item section and enter "X" in the Posting Reference column. B. Journalize the transactions for May, starting on Page 20 of the journal." 2. 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. Add the appropriate posting reference to the journal 3. Prepare an unadjusted trial balance Accounts with zero balances can be left blank 4. At the end of May, the following adjustment data were assembled Analyze and use these data to completo (5) and (6) Merchandise inventory on May 31 $570,000 Insurance expired during the year $12.000 Store supplies on hand on May 31, $4.000 Depreciation for the current year, S14.000 Accrued salaries on May 31 Sales salaries. $7.000 Office salanes, $6,600 Total accrued salanes: 513,600 - The adjustment for customer returns and allowance is $60,000 for sales and $35,000 for cost of merchandise sold CHART OF ACCOUNTS Palisade Creek Co. General Ledger ASSETS REVENUE 410 Sales 110 Cash 112 Accounts Receivable 115 Merchandise Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation-Store Equipment EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense LIABILITIES 210 Accounts Payable 211 Customers Refunds Payable 212 Salaries Payable EQUITY 310 Lynn Tolley, Capital Ledger 1. Download the attached SPREADSHEET and save the Excel file to your computer Use the spreadsheet to post the May transactions from the joumat to a ledger of four-column accounts. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grado in CengageNOW on this problem Enter the May 1 balonces of each of the accounts in the appropriate balance column of a four column account. Enner May 1 the date column write Balance in the form sochon and enter in the Posting Reference com 2 Poat the journal to the general ledger, extending the month-end balances to the appropriate balance columina after al postings completed. In this problem, you are not required to update or post to the accounts recewale and accounts payable subsidiary ledigera 6B Pout the adjusting entries 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 Cash $ 83,600 233,900 624,400 28,000 16,800 118 11,400 569,500 56,700 112 Accounts Receivable 115 Merchandise Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance Store Supplies 123 Store Equipment 124 Accumulated Depreciation-Store Equipment 210 Accounts Payable 211 Customers Refunds Payable 212 Salaries Payable 310 Lynn Tolley, Capital, June 1. 2018 311 Lynn Tolley, Drawing 410 Sales 510 Cont of Marchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 96,600 50.000 685,300 135.000 5.069.000 2.823.000 664 800 281.000 523 529 12,600 530 382, 100 Store Supplies Expense Miscellaneous Seling Expense Office Salarios Expenso Rent Expense Insurance Expense Miscellaneous Administrative Expense 531 83,700 532 539 7,800 During May, the last month of the fiscal year, the following transactions were completed Record the following transactions on page 20 of the journal. Refer to the Chart of Accounts for exact wording of account titles May 1 3 4 6 7 Paid rent for May, 55,000 Purchased merchandise on account from Martin Co torms 2/10,n30, FOB shipping point, $36,000 Paie freight on purchase of May 3, 5600 Sold merchandise on account to Korman Co., terms 2010, 1/30 FOB shipping point, 568,600. The cost of the merchandise sold was $41.000 Received $22,300 cash from Hulstad Co. on account. Sold merchandise for cash 354,000. The cost of the merchandise nold wan 532.000 Paid for merchandise purchased on May 3 Pald advertising expense for last half of May $11.000 Rocolved cash from sale of May 6 Purchased merchandise for cash $18 700 10 13 15 16 19 20 Paid Korman Co a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500, and the cost of the returned merchandise was $8,000 Record the following transactions on page 21 of the journal. Refer to the Chart of Accounts for exact wording of account tilles May 20 21 Sold merchandise on account to Crescent Co, terms 1/10, 1/30, FOB shipping point, 5110,000. The cost of the merchandise sold was $70,000 For the convenience of Crescent Co., paid freight on sale of May 20, $2,300 Received $42.900 cash from Geo Co on account. Purchased merchandise on account from Osterman Co. terms 1/10,n/30 FOB destination, 588,000. Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for 21 21 24 $5,000 26 28 29 30 Refunded cash on sales made for cash $7500 The cost of the merchandise returned was 54,800 Paid sales salaries of $56,000 and office salaries of $29.000 Purchased store supplies for cash, $2,400 Sold merchandise on account to Turner Co, terms 2/10,n/30 FOB shipping point, $78,750. The cost of the merchandise sold was $47.000 Received cash from sale of May 20 plus freight paid on May 21 Paid for purchase of May 21, less return of May 24 30 31 Required: 1 Download the spreadsheet in the Ledger panel and save the Excel file to your computer Use the spreadsheet to post the May transactions from the journal to a ledger of four-column accounts. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem. A Enter the May 1 balances of each of the accounts in the appropriate balance column of a four-column account Enter May 1 in the date column. Write Balance in the item section and enter "X" in the Posting Reference column. B. Journalize the transactions for May, starting on Page 20 of the journal." 2. 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. Add the appropriate posting reference to the journal 3. Prepare an unadjusted trial balance Accounts with zero balances can be left blank 4. At the end of May, the following adjustment data were assembled Analyze and use these data to completo (5) and (6) Merchandise inventory on May 31 $570,000 Insurance expired during the year $12.000 Store supplies on hand on May 31, $4.000 Depreciation for the current year, S14.000 Accrued salaries on May 31 Sales salaries. $7.000 Office salanes, $6,600 Total accrued salanes: 513,600 - The adjustment for customer returns and allowance is $60,000 for sales and $35,000 for cost of merchandise sold CHART OF ACCOUNTS Palisade Creek Co. General Ledger ASSETS REVENUE 410 Sales 110 Cash 112 Accounts Receivable 115 Merchandise Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation-Store Equipment EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense LIABILITIES 210 Accounts Payable 211 Customers Refunds Payable 212 Salaries Payable EQUITY 310 Lynn Tolley, Capital Ledger 1. Download the attached SPREADSHEET and save the Excel file to your computer Use the spreadsheet to post the May transactions from the joumat to a ledger of four-column accounts. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grado in CengageNOW on this problem Enter the May 1 balonces of each of the accounts in the appropriate balance column of a four column account. Enner May 1 the date column write Balance in the form sochon and enter in the Posting Reference com 2 Poat the journal to the general ledger, extending the month-end balances to the appropriate balance columina after al postings completed. In this problem, you are not required to update or post to the accounts recewale and accounts payable subsidiary ledigera 6B Pout the adjusting entries