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, 20Y7 (unless otherwise indicated), are as follows: 110 Cash 112 Accounts Receivable 115 Merchandise Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation-Store 210 Accounts Payable 211 Customer Refunds Payable 212 Salaries Payable 310 Lynn Tolley, Capital, June 1, 20Y6 311 Lynn Tolley, Drawing 410 Sales Equipment $83,600 233,900 652,400 16,800 11,400 569,500 56,700 96,600 50,000 685,300 135,000 5,069,000 2,823,000 664,800 281,000 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 530 Office Salaries Expense 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense 7,800 Part 1: Journalize the transactions for May, the last month of the fiscal year, below. for 12,600 382,100 83,700 Part 2: Using the attached spreadsheet as your general ledger, post the journal entries you created in Part 1 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. Please be sure to save the spreadsheet general ledger to use for the remaining parts of this comprehensive problem. If an amount box does not require an entry, leave it blank.

Comprehensive Problem 2 Part 1 and Part 2: Palisade Creek Co. is a merchondising butiness that uses the perpetual inventory system. The account balances for are as follows: Part 1: Journalize the transactions for May, the last month of the fiscal year, below. Part 2: Using the attached spreadsheet as your general ledger, post the journal entries you created in Part 1 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 recelvable and accounts payable subsidiary ledgers. Please be sure to save the spreadsheet general ledger to use for the remalning parts of this comprehensive problem. If an amount box does not require an entry, leave it blank. May 2Bt Paid saies salaries of $56,000 and office salaries of $29,000. May 29: Purchased store supplies for cash, $2,400. May 30: Sold merchandise on account to Tumer COy terms 2/10,N/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000. May 30: Received cash from sale of May 20 plus freight paid on May 21. May 13; Paid for merchandise purchased on May 3. May 15: Paid advertising expense for last half of May, $11,000. May 16: Received cash from sale of May 6. May 19: Purchased merchandise for cash, $16,700, May 19: Paid $33,450 to Buttons Co, on account. May 31: Pais for purchase of Moy 21, vess rebum of Mar 24. 2 more Ciedk My Werk usei nenakise the merchandise scid was $70,000. May 21: For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. Mav 21: Received $42,900 cash from Gee Co, on account. Mav 21. Purchiased merchandise on account from Osterman CO, terms 1/10,N/30, FOB destination, $88,000. May 3: Purchased merchandise on pocoust frem Mardin Coy tems 2/10,N/30, FOB shipping point, 536,000. May 4: Paid treight on purchase of May 3, 5600. 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. May 7: Received $22,300 cash from Halstad Co; en account. May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000