PLEASE HELP

omprehensive Problem 2 art 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. 1. 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 $585,200 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: $7.000 Sales salaries Office salaries 6,600 13,600 f. The adjustment for customer refunds and allowances is $60,000 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 Page 22 Post Debit Credit Description Ref Date Adjusting Entries Nest Total administrative expenses Total expenses Net income 2. Prepare a statement of owner's equity. Pallade Creek Co. Statement of Owner's Equity For the Year Ended May 1, 2017 3. Prepare a balance sheet. Pallade Croce Balance Sheet May 11. 2017 Assets Current assets: HINI Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Previous th 15 Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Labilities Current liabilities: > L . o Palisade Creek Co. Post-Closing Trial Balance May 31, 2017 Debit Balances Credit Balances Cash Accounts Receivable Merchandise Inventory Prepaid Insurance K Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital 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, 2017 (unless otherwise indicated), are as follows: 110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 652,400 117 Prepaid Insurance 16,800 118 Store Supplies 11.400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 96,600 211 Customer Refunds Payable 212 Salaries Payable 310 Lynn Tolley, Capital, June 1, 2046 685,300 311 Lynn Tolley, Drawing 135,000 410 Sales 5,069.000 2.823,000 510 Cost of Merchandise Sold 50,000 Next 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 12,600 382,100 83,700 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense 7,800 Part 1: Using the attached spreadsheet, 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 column posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary If an amount box does not require an entry, leave it blank. May 1: Paid rent for May, 35,000 Debit Credit Description Post. Ref. 5,000 Rent Expense