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, 2019 (unless otherwise indicated), are as follows 110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated DepreciationStore Equipment 56,700 210 Accounts Payable 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable 310 Lynn Tolley, Capital, June 1, 2018 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, enter the balances of each of the accounts in the appropriate balance column of a four column account Write Balance in the item section, and place a check mark () in the Posting Reference column 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 For a compound transaction, if an amount box does not require an entry, leave it blank or enter 0 May 1 Paid rent for May, $5,000 Description Post Ref Debit Credit Rent Expense Cash May 3 Purchased merchandise on account from Martin Co , terms 2 10, n 30, FOB shipping point, $36,000 Description Post Ref Debit Credit Merchandise Inventory Accounts Payable Martin Co May 4 Paid freight on purchase of May 3, $600 Description Post Ref Debit Credit Merchandise Inventory Cash 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 Sales Cost of Merchandise Sold Merchandise Inventory May 7 Received $22,300 cash from Halstad Co on account Description Post Ref Debit Credit Cash Accounts Receivable Halstad Co May 10 Sold merchandise for cash, $54,000 The cost of the merchandise sold was $32,000 Description Post Ref Debit Credit Cash Sales Cost of Merchandise Sold Merchandise Inventory May 13 Paid for merchandise purchased on May 3 Description Post Ref Debit Credit Accounts Payable Martin Co Cash May 15 Paid advertising expense for last half of May, $11,000 Description Post Ref Debit Credit Advertising Expense Cash May 16 Received cash from sale of May 6 Description Post Ref Debit Credit Cash Accounts Receivable Korman Co May 19 Purchased merchandise for cash, $18,700 Description Post Ref Debit Credit Merchandise Inventory Cash May 19 Paid $33,450 to Buttons Co on account Description Post Ref Debit Credit Accounts Payable Buttons Co Cash May 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 Description Post Ref Debit Credit Customers Refunds Payable Cash Merchandise Inventory Estimated Returns Inventory 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 Sales Cost of Merchandise Sold Merchandise Inventory May 21 For the convenience of Crescent Co , paid freight on sale of May 20, $2,300 Description Post Ref Debit Credit Accounts Receivable Crescent Co Cash May 21 Received $42,900 cash from Gee Co on account Description Post Ref Debit Credit Cash Accounts Receivable Gee Co May 21 Purchased merchandise on account from Osterman Co , terms 1 10, n 30, FOB destination, $88,000 Description Post Ref Debit Credit Merchandise Inventory Accounts Payable Osterman Co May 24 Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000 Description Post Ref Debit Credit Accounts Payable Osterman Co Accounts Receivable Osterman Co May 26 Refunded cash on sales made for cash, $7,500 The cost of the merchandise returned was $4,800 Description Post Ref Debit Credit Customers Refunds Payable Cash Merchandise Inventory Estimated Returns Inventory May 28 Paid sales salaries of $56,000 and office salaries of $29,000 Description Post Ref Debit Credit Sales Salaries Expense Office Salaries Expense Cash May 29 Purchased store supplies for cash, $2,400 Description Post Ref Debit Credit Store Supplies Cash 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 Description Post Ref Debit Credit Accounts Receivable Turner Co Sales Cost of Merchandise Sold Merchandise Inventory May 30 Received cash from sale of May 20 plus freight paid on May 21 Description Post Ref Debit Credit Cash Accounts Receivable Crescent Co May 31 Paid for purchase of May 21, less return of May 24 Description Post Ref Debit Credit Accounts Payable Osterman Co Cash What do I do with Ledgers Balance Sheet Accounts CASH, ACCOUNTS RECEIVABLE, MERCHANDISE INVENTORY, ESTIMATED RETURNS INVENTORY PREAID INSURANCE, STORE SUPPLIES, STORE EQUIPMENT, ACCUMULATED DEPRECIATION Store Equipment, ACCOUNTS PAYABLE, CUSTOMERS REFUNDS PAYABLE, SALARIES PAYABLE, LYNN TROLLY CAPITAL, AND LYNN TROLLY DRAWING 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, 2019 Debit Credit Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated DepreciationStore Equipment Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense Comprehensive Problem 2 Part 4 and 6 Note You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6 Part 5 is an optional work sheet 4 At the end of May, the following adjustment data were assembled Analyze and use these data to complete Part 6 a Merchandise 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 merchandise sold 6 Journalize the adjusting entries For a compound transaction, 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 Date Description Post Ref Debit Credit Adjusting Entries 2019 May 31 May 31 May 31 May 31 May 31 May 31 May 31 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, 2019 Debit Balances Credit Balances Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated DepreciationStore Equipment Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense Comprehensive Problem 2 Part 8 You must complete parts 1, 2, 3, 4, 6 and 7 before attempting to complete part 8 Note part 5 is optional 1 Prepare an income statement Palisade Creek Co Income Statement For the Year Ended May 31, 2019 $ $ Expenses Selling expenses $ Total selling expenses $ Administrative expenses $ Total administrative expenses Total expenses Net income $ 2 Prepare a statement of owner's equity Palisade Creek Co Statement of Owner's Equity For the Year Ended May 31, 2019 $ $ $ 3 Prepare a balance sheet Palisade Creek Co Balance Sheet May 31, 2019 Assets Current assets $ Total current assets $ Property, plant and equipment $ Total property, plant and equipment Total assets $ Liabilities Current liabilities $ Total liabilities $ Owner's equity Total liabilities and owner's equity Comprehensive Problem 2 Part 9 You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9 Part 5 is optional Journalize the closing entries Then post the journal to the general ledger you created in part 1 Indicate closed accounts by inserting a line in both the balance columns opposite the closing entry Insert the new balance in the owner's capital account If an amount box does not require an entry, leave it blank Date Description Post Ref Debit Credit 2019 May 31 May 31 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, 2019 Debit Balances Credit Balances Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital $

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Question: 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

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, 2019 (unless otherwise indicated), are as follows:

110	Cash	$83,600
112	Accounts Receivable	233,900
115	Merchandise Inventory	624,400
116	Estimated Returns Inventory	28,000
117	Prepaid Insurance	16,800
118	Store Supplies	11,400
123	Store Equipment	569,500
124	Accumulated DepreciationStore Equipment	56,700
210	Accounts Payable	96,600
211	Customer Refunds Payable	50,000
212	Salaries Payable
310	Lynn Tolley, Capital, June 1, 2018	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, enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. 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.

For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

May 1: Paid rent for May, $5,000.

Description	Post. Ref.	Debit	Credit
Rent Expense
Cash

May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000.

Description	Post. Ref.	Debit	Credit
Merchandise Inventory
Accounts Payable-Martin Co.

May 4: Paid freight on purchase of May 3, $600.

Description	Post. Ref.	Debit	Credit
Merchandise Inventory
Cash

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.
Sales
Cost of Merchandise Sold
Merchandise Inventory

May 7: Received $22,300 cash from Halstad Co. on account.

Description	Post. Ref.	Debit	Credit
Cash
Accounts Receivable-Halstad Co.

May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000.

Description	Post. Ref.	Debit	Credit
Cash
Sales
Cost of Merchandise Sold
Merchandise Inventory

May 13: Paid for merchandise purchased on May 3.

Description	Post. Ref.	Debit	Credit
Accounts Payable-Martin Co.
Cash

May 15: Paid advertising expense for last half of May, $11,000.

Description	Post. Ref.	Debit	Credit
Advertising Expense
Cash

May 16: Received cash from sale of May 6.

Description	Post. Ref.	Debit	Credit
Cash
Accounts Receivable-Korman Co.

May 19: Purchased merchandise for cash, $18,700.

Description	Post. Ref.	Debit	Credit
Merchandise Inventory
Cash

May 19: Paid $33,450 to Buttons Co. on account.

Description	Post. Ref.	Debit	Credit
Accounts Payable-Buttons Co.
Cash

May 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.

Description	Post. Ref.	Debit	Credit
Customers Refunds Payable
Cash
Merchandise Inventory
Estimated Returns Inventory

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.
Sales
Cost of Merchandise Sold
Merchandise Inventory

May 21: For the convenience of Crescent Co., paid freight on sale of May 20, $2,300.

Description	Post. Ref.	Debit	Credit
Accounts Receivable-Crescent Co.
Cash

May 21: Received $42,900 cash from Gee Co. on account.

Description	Post. Ref.	Debit	Credit
Cash
Accounts Receivable-Gee Co.

May 21: Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000.

Description	Post. Ref.	Debit	Credit
Merchandise Inventory
Accounts Payable-Osterman Co.

May 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000.

Description	Post. Ref.	Debit	Credit
Accounts Payable-Osterman Co.
Accounts Receivable-Osterman Co.

May 26: Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800.

Description	Post. Ref.	Debit	Credit
Customers Refunds Payable
Cash
Merchandise Inventory
Estimated Returns Inventory

May 28: Paid sales salaries of $56,000 and office salaries of $29,000.

Description	Post. Ref.	Debit	Credit
Sales Salaries Expense
Office Salaries Expense
Cash

May 29: Purchased store supplies for cash, $2,400.

Description	Post. Ref.	Debit	Credit
Store Supplies
Cash

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.

Description	Post. Ref.	Debit	Credit
Accounts Receivable-Turner Co.
Sales
Cost of Merchandise Sold
Merchandise Inventory

May 30: Received cash from sale of May 20 plus freight paid on May 21.

Description	Post. Ref.	Debit	Credit
Cash
Accounts Receivable-Crescent Co.

May 31: Paid for purchase of May 21, less return of May 24.

Description	Post. Ref.	Debit	Credit
Accounts Payable-Osterman Co.
Cash

What do I do with Ledgers Balance Sheet Accounts? CASH, ACCOUNTS RECEIVABLE, MERCHANDISE INVENTORY, ESTIMATED RETURNS INVENTORY. PREAID INSURANCE, STORE SUPPLIES, STORE EQUIPMENT, ACCUMULATED DEPRECIATION--Store Equipment, ACCOUNTS PAYABLE, CUSTOMERS REFUNDS PAYABLE, SALARIES PAYABLE, LYNN TROLLY CAPITAL, AND LYNN TROLLY DRAWING

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, 2019
	Debit	Credit
Cash
Accounts Receivable
Merchandise Inventory
Estimated Returns Inventory
Prepaid Insurance
Store Supplies
Store Equipment
Accumulated DepreciationStore Equipment
Accounts Payable
Customer Refunds Payable
Salaries Payable
Lynn Tolley, Capital
Lynn Tolley, Drawing
Sales
Cost of Merchandise Sold
Sales Salaries Expense
Advertising Expense
Depreciation Expense
Store Supplies Expense
Miscellaneous Selling Expense
Office Salaries Expense
Rent Expense
Insurance Expense
Miscellaneous Administrative Expense

Comprehensive Problem 2 Part 4 and 6:

Note: You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6. Part 5 is an optional work sheet.

4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6.

a.	Merchandise 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 merchandise sold.

6. Journalize the adjusting entries. For a compound transaction, 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.

Date

Description

Post. Ref.

Debit

Credit

Adjusting Entries

2019

May 31

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, 2019

Debit Balances

Credit Balances

Cash

Accounts Receivable

Merchandise Inventory

Estimated Returns Inventory

Prepaid Insurance

Store Supplies

Store Equipment

Accumulated DepreciationStore Equipment

Accounts Payable

Customer Refunds Payable

Salaries Payable

Lynn Tolley, Capital

Lynn Tolley, Drawing

Sales

Cost of Merchandise Sold

Sales Salaries Expense

Advertising Expense

Depreciation Expense

Store Supplies Expense

Miscellaneous Selling Expense

Office Salaries Expense

Rent Expense

Insurance Expense

Miscellaneous Administrative Expense

Comprehensive Problem 2 Part 8:

You must complete parts 1, 2, 3, 4, 6 and 7 before attempting to complete part 8.

Note: part 5 is optional.

1. Prepare an income statement.

Palisade Creek Co. Income Statement For the Year Ended May 31, 2019
			$

			$
Expenses:
Selling expenses:
	$




Total selling expenses		$
Administrative expenses:
	$



Total administrative expenses
Total expenses
Net income			$

2. Prepare a statement of owner's equity.

Palisade Creek Co. Statement of Owner's Equity For the Year Ended May 31, 2019
		$
	$


		$

3. Prepare a balance sheet.

Palisade Creek Co. Balance Sheet May 31, 2019

Assets

Current assets:

Total current assets

Property, plant and equipment:

Total property, plant and equipment

Total assets

Liabilities

Current liabilities:

Total liabilities

Owner's equity

Total liabilities and owner's equity

Comprehensive Problem 2 Part 9:

You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9. Part 5 is optional.

Journalize the closing entries. Then post the journal to the general ledger you created in part 1. Indicate closed accounts by inserting a line in both the balance columns opposite the closing entry. Insert the new balance in the owner's capital account.

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

Date

Description

Post. Ref.

Debit

Credit

2019

May 31

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, 2019
	Debit Balances	Credit Balances
Cash
Accounts Receivable
Merchandise Inventory
Estimated Returns Inventory
Prepaid Insurance
Store Supplies
Store Equipment
Accumulated Depreciation-Store Equipment
Accounts Payable
Customer Refunds Payable
Salaries Payable
Lynn Tolley, Capital

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