V2 Online X + Red Velvet Marble Care Recipe X M Your one-time code-louisend X crumenttakeAssignmentaln.do?invokeru&takeAssignmentSession.ocator-Zimprogress utalise Ch. 6 Comprehensive Problem 2, Part 2 Instruction Chart of Accounts Labels and Amount Descriptions Income Statement Instructions Palisade Creek Co. is a merchandising business that uses the perpetual inventory_system. During May, the last month of the fiscal year, transactions were completed. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance 9. Required: 8. If you completed the end-of-perlod work sheet in Part I use the adjusted trial balance figures to prepare an income statement, a statement of owner y equity, and a balance sheet. If you didn t complete the end of period work sheet in Part 1, we the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owner's equity, and a balance sheet. A. Prepare the closing entries. Record the closing entries on Page 23 of the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for delit or credit entries. CNOW journals will automatically indenta credit entry when a credit amount is entered, B. Post the closing entries to the ledger of four-column accounts. Add the appropriate posting reference to the Journal 10. Prepare a post-closing trial balance Accounts with zero balances can be left blank *Forgwulance in completing the financial statements, be sure to read the instructions above each statement carefully Check My Wong PreOTO 30 P2 FB 471 * $ 4 % 5 A 6 & 7 1 0 8 9 ER T YU V2 Online X + Red Velvet Marble Care Recipe X M Your one-time code-louisend X crumenttakeAssignmentaln.do?invokeru&takeAssignmentSession.ocator-Zimprogress utalise Ch. 6 Comprehensive Problem 2, Part 2 Instruction Chart of Accounts Labels and Amount Descriptions Income Statement Instructions Palisade Creek Co. is a merchandising business that uses the perpetual inventory_system. During May, the last month of the fiscal year, transactions were completed. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance 9. Required: 8. If you completed the end-of-perlod work sheet in Part I use the adjusted trial balance figures to prepare an income statement, a statement of owner y equity, and a balance sheet. If you didn t complete the end of period work sheet in Part 1, we the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owner's equity, and a balance sheet. A. Prepare the closing entries. Record the closing entries on Page 23 of the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for delit or credit entries. CNOW journals will automatically indenta credit entry when a credit amount is entered, B. Post the closing entries to the ledger of four-column accounts. Add the appropriate posting reference to the Journal 10. Prepare a post-closing trial balance Accounts with zero balances can be left blank *Forgwulance in completing the financial statements, be sure to read the instructions above each statement carefully Check My Wong PreOTO 30 P2 FB 471 * $ 4 % 5 A 6 & 7 1 0 8 9 ER T YU