PART 1 & 2 NEED HELP PLEASE

PART 1 & 2 NEED HELP PLEASE

Palisade Creek Co. is a merchandising business that uses the perpetual inwentery system. The account balances for Palisade Creek Co, as of May 1, 20Y7 (unless otherwise indicated), are as follows: Alcoord the following transactions on page 20 of the journat. May 1 Paid tont for May, 55,000. During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions an page 20 of the joumat. May 1 Paid rent for May, $5,000. 3 Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. 4 Paid freight on purchase of May 3, 5600. 6 Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, 568,500 . The cost of the merchandise sold was $41,000. 7 Recelved \$22,300 cash from Halstad Co, on account. 10 Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. 13 Paid for merchandise purchased on May 3. 15 Paid advertising expense for last halt of May, $11,000. 16 Recelved cash from sale of May 6. 19 Purchased merchandise for cash, $18,700. 19 Paid 533,450 to Buttons Co, on account. 20 Paid Korman Co. a cash refund of \$5,000 for damaged merchandise from sale of May 6. Korman Co. Kept the merchandise. Record the fallowing transactions on page 21 of the joumal. 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. 21 For the comvenience of Crescent Co, paid freight on sale of May 20, $2,300. 21 Received $42,900 cash from Gee Co. on account. 21 Purchased merchandise on account trom Osterman Ca, terms 1/10, n/30, FOB destination, $88,000. 24 Retumed damaged merchandise purchased on May 21, receiving a credt memo from the seller for $5,000. 26 Pefunded cash on saies made for cash, 5000. The detective merchandise was not roturned by the customer. 28 Paid sales salaries of $56.000 and office saiaries of $20,000. 20 Purchased store supplies for cash, 9.400. 30 Sold merchandioe on account to Turner Co, terms 2/10, nJo, FOB shipping point, $76,760. The cost of the merchandse sold was $47,000. 30 Received cash from sale of May 20 plus freight paid on May 21. 31 Paid for purchase of May 21, less return of May 24. 1. Downioad the spreadsheet in the Lodger panel and save the Excel file to your computer. Use the spreadsheet to post the May transactions from the journal to a lociger 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 CengagowOW an this problem. A. Enter the May 1 balances of each of the accounts in the appropriate balance column of a tour-column account. Enter May 1 in the date column. White Balance in the Item section. and enter x " in the Posting Reference column. B. Journalize the transactions for May, starting on Page 20 of the joumal." 2. Post the journal to the general ledger, extending the manth-end balances to the appropriate baiance columns affer all posting is completed. In this problem, you are not required to update or post to the accounts roceivabie and accounts payabie subsidiay ledgers. Add the appropriate posting reference to the joumal. 3. Prepare an unacjusted trial balance. Accounts with zero balances can be lett blank. 4. At the end of May, the following acjustment data were assembled. Analyze and use these data to complete (5) and (6). - Merchandise inventory on May 31, 5885,200 - Insurance expired during the year, \$12,000 - Stare supplies on hand on May 31, \$4,000 - Depreciation for the current year, $14,000 - Accrued salaries an May 31: Sales salaries, 57.000 Ottoo saiaries, $6,600 Total accrued salaries: $13,600 - The adfustment for cuatomer rofunds and allowances is $60,000. 5. (Optional) On your own paper or spreadsheet, enter the unadfusted trial balance on a 10 . cotumn and-of-period aproadaheet (work aheev, and complote the spreadiaheet. Find a Dlask end-of-period work shoef in the Excel spreadsheet you proviousy downloaded. 6. A. Journatie the adivating entries. Aloovd the adfusting entries on Page 22 of the koumal" B. Post the adfusting entries. Add the appropriale posting reference to the jeurnal not wse inhes for fouma explanabons. Every ine on a joumal page ia used for debif or creol. entered. 1. B. Joumatio the transactone for May stating on Page 20 of Ne foumal. 2. Add the appropriase posting relerence is the joural. 6. A. Joumalize the adjusting enties. Pecold the actusteng erires on Pape 22 of the loumal." 6. B. Add the appropiate posing relerence to the pumat Reler to the chart of accounts for the exact wording of the account obes. CNOW icurnas do nof the the on a journal page as used for deblt or credt meies. CNOW pumats wilf automutically indent at entered. Note: Scroll down for pages 21 and 22 of the journal. 1. Domioad the attached SPREADSHEET and save the Excel fite to your computer. Use the spreadsiheet to post the May transactions from the journal to a lodger 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 wall as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in Cengago Now on this problem. A. Enter the May 1 balances of each of the accounts in the appropriate talarce colstin of a four-column account. Enter May f in the date column. White Balance in the item section. and enter " x " in the Posting folerence column. 2. Post the joumal to the general ledper, extending the monthend baincess to the appropriate bulance columins affer al posting is completed, in this problem, you are not required io upolate or post to the accounts receivable and accounts payable subsidisy ledgers. 6. B. Post the adjusting entries. 3. Prepare an unacjusied tria/ bailance, Accounts weh zero balunces can be lof blank. 7. Prepare an acfusted trial baiance. Accounts with zere balunces can be lett Dlank: Palisade Creek Co. is a merchandising business that uses the pespetual impentery system. During May, the last month of the fiscal year, transactions were completed. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. Required: 8. If you completed the end-of-period work sheet in Part 1. use the adlusted trial batance figures to prepare an income statement, a statement of owner's equily and a balance sheot If you didnt complete the end-of-period work sheot in Part 1 , use the ledger the Excel spreadsheed to prepare an income statement, a statement of owner's equity. and a balance sheet. 9. A. Prepare the closing entries. Aecord the closing entries an Page 23 of the journal. Roter to the chart of accounts for the exact wording of the account tites. CNOW journais do not use lines tor joumal explanations. Every the on a joumal page is used for debit or crect entries. CNOW joumais will automatically indent a creat entry when a credit amount is enfered. B. Post the closing entries to the lecger of four-columin accounts. Add the appropriate posting reference to the joumat. 10. Prepare a post-losing trial bailance. Accounts wath zero balances can be left blank; For guidance in compleing the financial statements, be sure to read the instuctions above each starement carefuly 5. If you complatod the end-ol-period wock sheet in Part 1 , use the acfusted trial balance figures to prepare an. statement. If your didnt complete the end-of-period work aheet in Part 1 , use the ledger (the Excel spreactsheo income statement. Be sure to complete the statement heading. Aeter to the account names in the instructions Labels and Amount Descriplions for the exact wovding of text entries. Enter amounts as positive numbers unket is a caiculation that results in a negative amount. For example. Net loss shouid be negative. Expenses should colon (') will automaticaly appeat it it is required. 8. If you completed the end-ok-period work sheet in Part 1, use the adjusted trial balance flgures to propare a statement of owner's equity. If you didny complete the end-of-perlod work shoet in Part 1, use the ledger (the Excel spreadisheet) to prepare a statement of owner's equity. Be sure to complete the statement heading. Fefer to the lists of Labeis and Amoent Descriptions for the exact warding of fext entries. Enter amounts that repvesent reduction as negative numbers using a minus sign. Baiance Sheat 8. If you completed the end-of-period work sheet in Part 1 , use the adjusted trial balance figures to prepare a balance sheet. If you didn t complete the end-ol-period work sheet in Part 1 , use the foclger (the Excel spreadsheet) to prepare a balance sheet. Be sure to complete the statement heading. Refer to the account names in the instructions and the lisfs of Labeis and Amount Descriptions for the exact wording. of text oniries. You will not need to enter colons (\%) or the word "Less" on the baiance sheel, they will automasically insert where necessary. Enier all amounts as positive numbers. 8. If you completed the end-ol-period work sheet in Part 1, use the adjusted trial balance figures to prepare a balance sheet. II you didnt complete the end-ar-perlod work sheet in Part t, use the ledger (the Excel spreadsheet to prepare a balance sheet Bo sure to complete the statement heading. Reter to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. You will not noed to enter colons (2) or the word Less" an the balance sheet they will automatically insert where necessary Enter all amounts as positive numbers. 9. A. Propare the closing entrios. Record the closing entries on Page 23 of the joumat. Refor to the char-1. account tiles. CNOW joumals do not use lines for joumal explanations. Every line on a joumalpas CNow journals will automatically indent a creat entry whon a crodit amount is entered. 9. B. Add the appropriate posting rolerence to the joumat. Ledger Use the spreadsheet completed in Patt 1 of this problem to complete the following steps of shis problem. Vour input into the spreadsheet will not be included in your grade in CengageNoW an this problem. 9. B. Post the closing entries to the ledger of four-column accounts. Post-Closing Trial Balance 10. Prepare a post-closing trial balance. Accounts with zero balances can be left blank