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 the optional worksheet.

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 $31,20$Y$74.$ At the end of May, the following adjustment data were assembled: Analyze and use these data to complete Par

a$.$ Merchandise inventory on May $\backslash (31\backslash$quad $\backslash$$ $585,200\backslash )$

b$.$ Insurance expired during the year $12,000$

c$.$ Store supplies on hand on May $\backslash (31\backslash$quad $4,000\backslash )$

d$.$ Depreciation for the current year $14,000$

e$.$ Accrued salaries on May $31$:

f$.$ The adjustment for customer refunds and allowances is $\backslash$$$60,000.$

g$.$ Since Palisade Creek does not accept merchandise returns, no adjustment is necessary for estimated inventory returns.

$6.$ Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts $1$ and $2.$ Comprehensive Problem $2$

Part $10$:

You must complete parts $\backslash (1,2,3,4,6,7,8\backslash )$ and $9$ before attempting to complete part $10.$ Part $5$ is the optional worksheet.

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 $31,\backslash (20\backslash$mathrm$\{$Y$7\}\backslash )$