((((uploaded whole problem since there was a requirement for extra info on previous 3 questions)))))

Comprehensive Problem 2 Part 1 and Part 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, 2017 (unless otherwise indicated), are as follows: 110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 652,400 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable 310 Lynn Tolley, Capital, June 1, 2046 685,300 311 Lynn Tolley, Drawing 135,000 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Salaries Expense 664,800 521 Advertising Expense 281,000 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532 Insurance Expense 539 Miscellaneous Administrative Expense 7,800 Part 1: Using the attached spreadsheet, journalize the transactions for May, the last month of the fiscal year, below. Part 2: Post the journal to the general ledger you created in Part 1, 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. If an amount box does not require an entry, leave it blank. May 1: Paid rent for May, $5,000. Post. Description Debit Credit Ref. Rent Expense 5,000 Cash 5,000 May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. Post. Description Debit Credit Ref. Merchandise Inventory 35,281 Accounts Payable-Martin Co. 35,281 May 4: Paid freight on purchase of May 3, $600. Description Post. Ref. Debit Credit Merchandise Inventory 600 Cash 600 May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. Description Post. Ref. Debit Credit Accounts Receivable-Korman Co. 67,131 ~ Sales 67,13 Cost of Merchandise Sold 41,001 Merchandise Inventory 41,001 May 7: Received $22,300 cash from Halstad Co. on account. Post. Description Debit Ref. Credit Cash 22,30 Accounts Receivable-Halstad Co. 22,301 May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. Description Post. Ref. Debit Credit Cash 54,001 Sales 54,00 Cost of Merchandise Sold 32,001 Merchandise Inventory 32,001 May 13: Paid for merchandise purchased on May 3. Description Post. Ref. Debit Credit Accounts Payable-Martin Co. 35,28 Cash 35,281 May 15: Paid advertising expense for last half of May, $11,000. Description Post. Ref. Debit Credit Advertising Expense v 11,00 Cash 11,00 May 16: Received cash from sale of May 6. Description Post. Ref. Debit Credit Cash 67,13 Accounts Receivable-Korman Co. 67,13 May 19: Purchased merchandise for cash, $18,700. Description Post. Ref. Debit Credit Merchandise Inventory 18,701 Cash 18,701 Credit May 19: Paid $33,450 to Buttons Co. on account. Post. Description Debit Ref. Accounts Payable-Buttons Co. 33,45 Cash 33,45 May 20: Paid Korman Co. a cash refund of $5,000 for damaged merchandise from sale of May 6. Korman Co. kept the merchandise. Post. Description Debit Credit Ref. Customer Refund Payable 5,000 Cash 5,000 May 20: Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000. Description Post. Ref. Debit Credit Accounts Receivable-Crescent Co. 108,91 Sales 108,91 Cost of Merchandise Sold 70,001 ~ Merchandise Inventory 70,00 May 21: For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. Post. Description Debit Credit Ref. Accounts Receivable-Crescent Co. 2,300 Cash 2,300 May 21: Received $42,900 cash from Gee Co. on account. Description Post. Ref. Debit Credit Cash 42,901 Accounts Receivable-Gee Co. 42,901 Accounting numeric field May 21: Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. Post. Description Debit Credit Ref. Merchandise Inventory 87,12 Accounts Payable-Osterman Co. 87,121 May 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. Post. Description Debit Credit Ref. Accounts Payable-Osterman Co. 4,950 ~ Merchandise Inventory 4,950 May 26: Refunded cash on sales made for cash, $800. The defective merchandise was not returned by the customer. Description Post. Ref. Debit Credit Customer Refund Payable 800 Cash 800 May 28: Paid sales salaries of $56,000 and office salaries of $29,000. Description Post. Ref. Debit Credit Sales Salaries Expense 56,001 Office Salaries Expense 29,001 Cash 85,00 May 29: Purchased store supplies for cash, $2,400. Post. Description Debit Credit Ref. Store Supplies 2,400 Cash 2,400 May 30: 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. Post. Description Debit Credit Ref. Accounts Receivable-Turner Co. 77,17 Sales 77,17 Cost of Merchandise Sold 47,00 Merchandise Inventory 47,00 May 30: Received cash from sale of May 20 plus freight paid on May 21. Description Post. Ref. Debit Credit Cash 111,2 Accounts Receivable-Crescent Co. 111,2 May 31: Paid for purchase of May 21, less return of May 24. Description Post. Ref. Debit Credit Accounts Payable-Osterman Co. 82,171 Cash 82,171 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, 2017 Debit Balances Credit Balances Cash 84,500 x Accounts Receivable 245,875 Merchandise Inventory 583,950 x Prepaid Insurance 16,800 ~ 13,800 V Store Supplies 569,500 Store Equipment Accumulated Depreciation- Store Equipment Accounts Payable 56,700 63,150 Customer Refunds Payable 29,270 x Salaries Payable 0 0 Lynn Tolley, Capital 685,300 Lynn Tolley, Drawing 135,000 Sales 5,376,20 Cost of Merchandise Sold 3,013,00 Sales Salaries Expense 720,800 ~ 292,000 Advertising Expense Depreciation Expense 0 0 0 0 Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense 12,600 411,100 ~ 88,700 ~ Rent Expense 07 0 Insurance Expense Miscellaneous Administrative Expense 7,800 6,235,40 x 6,210,62 x Comprehensive Problem 2 Part 10: You must complete parts 1, 2, 3, 4, 6, 7, 8 and 9 before attempting to complete part 10. Part 5 is 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, 2017 Debit Balances Credit Balances Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital