chapter 5 comp 02-01 part 5

Comprehensive Problem 2 Part 5: Optional work sheet

Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet using the following adjustment data.

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
d.		Depreciation for the current year				14,000
e.		Accrued salaries on May 31:
		Sales salaries		$7,000
		Office salaries		6,600		13,600

f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold.

If an amount box does not require an entry, leave it blank.

Palisade Creek Co. End-of-Period Spreadsheet (Work Sheet) For the Year Ended May 31, 2018

Unadjusted Trial Balance

Adjustments

Adjusted Trial Balance

Income Statement

Balance Sheet

Account Title

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

Accounts Receivable

Inventory

Estimated Returns Inventory

Prepaid Insurance

Store Supplies

Store Equipment

Accum. Depr.-Store Equip.

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 Admin. Expense

Net Income

part 7

Comprehensive Problem 2 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.

Palisade Creek Co. Adjusted Trial Balance May 31, 2018
	Debit	Credit
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