-2 Online teachinx + Assignment/takeAssignment Main.do?invokers&take AssignmentSessionLocator=&inprogress-false alculator Comprehensive Problem 2, Part 1 Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Instructions Palisade Creek Co. is a merchandising business that uses the perpetua inventory system. The account balances for Paisade Creek Co as of May 1. 2018, are as follows: Assume all accounts have normal balances 110 Cash 112 115 116 117 118 123 124 210 Accounts receivable inventory Estimated returns inventory Prepaid insurance Store supplies Store equipment Accumulated depreciation-store equipment Accounts payable $83.600 233.000 624,400 28,000 16,800 569,500 50,700 @@@ OUOUOCLO "4 /*5 ][ 6 DOULL WV2 Online teachin x + akeAssignment/takeAssignmentMain.do?invoker=&take AssignmentSession Locator=&inprogress=false Calculator Comprehensive Problem 2, Part 1 Instructions Chart of Accounts ! Journal Ledger Unadjusted Trial Balance Instructions 569,500 56,700 96,600 124 210 211 212 310 311 312 313 Store equipment Accumulated depreciation-store equipment Accounts payable Salaries payable Customers refunds payable Common stock Retained earnings Dividends Income summary 50,000 100,000 585,300 135,000 410 510 Sales Cost of goods sold Sales salaries expense 5,069,000 2.823,000 664,800 520 Online teachin x + signment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false culator Emprehensive Problem 2, Part 1 Instructions Chart of Accounts Journal Ledger ! Unadjusted Trial Balance Instructions 520 521 Sales salaries expense Advertising expense Depreciation expense 664,800 281,000 Store supplies expense Miscellaneous selling expense 530 531 532 539 Office salaries expense Rent expense Insurance expense Miscellaneous administrative expense 12,600 382,100 83,700 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 accounts line teachinx + ment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false rehensive Problem 2, Part 1 structions Chart of Accounts Journal Ledger Unadjusted Trial Balance uctions ord 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 Paid rent for May, $5,000 Purchased merchandise on account from Martin Co., terms 2/10, 1/30, FOB shipping point, $36,000 Pald freight on purchase of May 3, 5600 Sold merchandise on account to Korman Co., terms 2/10, 1/30, FOB shipping point. $68.500. The cost of the goods sold was $41,000. Received $22,300 cash from Halstad Co. on account. Sold merchandise for cash, 554,000. The cost of the goods sold was $32,000 Paid for merchandise purchased on May 3. Paid advertising expense for last half of May, $11,000 Received cash from sale of May 6. 7 10 13 15 16 Di 9 ehensive Problem 2, Part 1 structions Chart of Accounts ! Journal Ledger Unadjusted Trial Balance ructions 10 Sold merchandise for cash, $54,000. The cost of the goods sold was $32,000. 13 Paid for merchandise purchased on May 3. Pald advertising expense for last half of May, $11,000 16 Received cash from sale of May 6. 19 Purchased merchandise for cash, $18,700. 19 Paid $33,450 to Buttons Co. on account. 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 titles Nav 20 Sid marchandise on count in Crescent CA Inme A FOR shii noin 11000 The H @ " @) (E) /// alculator amplogress=false Comprehensive Problem 2, Part 1 Instructions Chart of Accounts ! Journal Ledger Unadjusted Trial Balance Instructions Record the following transactions on page 21 of the journal. Refer to the Chart of Accounts for exact wording of account titles. May 20 21 24 Sold merchandise on account to Crescent Co., terms 1/10,n/30, FOB shipping point, $110,000. The cost of the goods sold was $70,000. For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. Received $42,900 cash from Gee Co. on account. Purchased merchandise on account from Osterman Co., terms 1/10, 1/30, FOB destination, $88,000 Returned of damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. Paid sales salaries of $56,000 and office salaries of $29,000. Purchased store supplies for cash, $2,400. astructions Chart of Accounts ! Journal Ledger ! Unadjusted Trial Balance tructions 28 29 Paid sales salaries of $56,000 and office salaries of $29,000. Purchased store supplies for cash, $2,400. Sold merchandise on account to Tumer Co., terms 2/10, 1/30, FOB shipping point, $78,750. The cost of the goods 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: 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. 1038 ENG 1922 BADA yhmentSessionLocator=&inprogress=false Comprehensive Problem 2, Part 1 Instructions Chart of Accounts ! Journal Ledger Unadjusted Trial Balance Instructions 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 in the date column. Write Balance in the item section, and enter" 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 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 complete (53 and A. Inventory on May 31, $570,000 B. Insurance expired during the year, $12,000 c. Store supplies on hand on May 31. $4.000 Chart of Accounts Journal Ledger Unadjusted Trial Balance Instructions completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary lec 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 complete (5) and (6). A. Inventory on May 31, $570,000 B. Insurance expired during the year, $12,000 C. Store supplies on hand on May 31, S4,000 D. Depreciation for the current year, $14,000 E. Accrued salaries on May 31: Sales salaries, $7,000 Office salaries, $6,600 Total accrued salaries: $13,600 F. The adjustment for customer refurns and allowances is $60,000 for sales and $35,000 for cost of goods sold BAD E 10:39 1/23/2 NG Uimprehensive Problem 2, Part 1 progress=false Instructions Chart of Accounts ! Journal Ledger Unadjusted Trial Balance Instructions D. Depreciation for the current year, $14,000 E. Accrued salaries on May 31: Sales salaries, $7,000 Office salaries, $6,600 Total accrued salaries: $13,600 F. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold 5. (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on a 10-column end-of-period spreadsheet work and and complete the spreadsheet. 6. A. Journalize the adjusting entries. Record the adjusting entries on Page 22 of the journal B. Post the adjusting entries. 7. Prepare an adjusted trial balance. Accounts with zero balances can be left blank. *Refer to the Chart of Accounts for exact wording of account bites. 1039 PM Ne Problem 2, Part 1 Instructions Chart of Accounts ! Journal Ledger Unadjusted Trial Balance Instructions E. Accrued salaries on May 31: Sales salaries, $7,000 Office salaries, S6,600 Total accrued salaries: $13,600 F. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold 5. (Optional) on your own paper or spreadsheet, enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (worksheet and complete the spreadsheet. 6. A. Journalize the adjusting entries. Record the adjusting entries on Page 22 of the journal B. Post the adjusting entries. 7. Prepare an adjusted trial balance. Accounts with zero balances can be left blank. *Refer to the Chart of Accounts for exact wording of account titles 1039 PM NG 1/23/2020 A AD