ter 5 Comprehensive PR 2 Calculator Comprehensive Problem 2, Part 1 Chart of Accounts Adje Journal Ledger Unadjusted Trial Balance Instructions Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2018, are as follows: Assume all accounts have normal balances. 110 Cash 112 Accounts receivable 115 Inventory 118 Estimated returns inventory 117 Prepaid insurance 118 Store supplies 123 Store equipment 124 Accumulated depreciation-store equipment 210 Accounts payable 211 Salaries payable 212 Customers refunds payable 310 Common stock 311 Retained eamings 312 Dividends 313 Income summary 410 Sales 510 Cost of goods sold $ 83,000 233,900 624,400 28.000 16,800 11,400 580.500 56,700 95,600 50,000 100.000 585300 135.000 5.080.000 2.525.000 e Type here to search Uldjusted Inal Balance Adjusted Trial Balance Instructions Palisade Creek Co. is a merchandising business that uses the perpetua inventory system. The account balances for Palisade Creek Co. as of May 1, 2018, are as follows: Assume all accounts have normal balances 110 112 115 116 117 $ 83,800 233,000 624,400 118 123 124 210 Cash Accounts receivable Inventory Estimated returns inventory Prepaid insurance Store supplies Store Store equipment Accumulated depreciation-store equipment Accounts payable Salaries payable Customers refunds payable Common stock Retained earnings Dividends 580,500 58.700 08.600 211 212 310 311 312 313 410 510 50,000 100.000 555.300 135,000 Income Summary Sales Cost of goods sold 8.000.000 2.823,000 124 210 wou 50,700 98,800 211 Accumulated depreciation-store equipment Accounts payable Salaries payable Customers refunds payable Common stock Retained earnings Dividends Income summary Sales Cost of goods sold 311 50,000 100,000 585,300 135,000 312 313 410 510 520 521 5.080,000 2,823,000 884,800 281.000 Sales salaries expense Advertising expense Depreciation expense Store supplies expense Miscellaneous selling expense Office salaries expense 12.600 382,100 83,700 Rent expense Insurance expense 532 530 7.800 Miscellaneous administrative expense Check My Work Instructions 522 523 529 530 531 532 539 Depreciation expense Store supplies expense Miscellaneous selling expense Office salaries expense Rent expense Insurance expense Miscellaneous administrative expense 12,800 382,100 83,700 7,800 During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on page 20 of the journal. Refer to the Chart of Accounts for exact wording of account tides May 1 3 Paid rent for May $5,000 Purchased merchandise on account from Martin Co., terms 2/10, 1/30, FOB shipping point, $36.000 Paid freight on purchase of May 3, 5000. Sold merchandise on account to Korman Co. terms 2/10, 1/30, FOB shipping point, 308.500. The cost of the goods sold was 541,000 Received 322 300 cash from Halstad Co. on account Sold merchandise for cash, 554.000 The cost of the goods sold was $32,000 Paid for merchandise purchased on May 3 Paid advertising expense for last half of May. 11.000 10 13 16 structions las May 1 Paid rent for May $5,000. 3 Purchased merchandise on account from Martin Coterms 2/10, 1/30, FOB shipping point, $38,000 4 Paid freight on purchase of May 3, $800. 8 Sold merchandise on account to Korman Co. terms 2/10, 1/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000 7 Received $22,300 cash from Halstad Co. on account 10 Sold merchandise for cash, $54,000. The cost of the goods sold was $32,000. 13 Paid for merchandise purchased on May 3. 15 Paid advertising expense for last half of May, $11,000 18 Received cash from sale of May 6. 19 Purchased merchandise for cash. $18.700 19 Paid $33,450 to Buttons Co on account 20 Paid Korman Co a cash refund of $13.230 for returned merchandise from sale of Maya The invoice amount of the returned merchandise was $13.500 and the cost of the returned merchandise was 58,000 Record the following transactions on page 21 of the journal Refer to the Chart of Accounts for exact wording of account May 20 21 21 21 Sold merchandise on account to Crescent Co., terms 1/10, 1/30, FOB shipping point $110,000. The cost of the goods sold was $70,000 For the convenience of Crescent Co., paid freight on sale of May 20, $2,300 Received 542,000 cash from Gee Co. on account Purchased merchandise on account from Osterman Co., terms 1/10,n/30, FOB destination, $80,000/ Retured of damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000 24 26 Refunded cash on sales made for cash. 37.500. The cost of the merchandise returned was $4.800 28 Paid sales salaries of $58,000 and office salaries of $20,000 20 Purchased store supplies for cash, $2,400 30 Sold merchandise on account to Tumer Co., terms 2/10. n/30, FOB shipping point $78,750. The cost of the goods sold was 547.000 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, Check My Work Assignment Score 6.30% Type here to search Instructions 1. Download the spreadsheet in the Ledger panel and save the Excel file to your computer. Use the spreadsheet to post the May transactions from the joumal to a ledger 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 CengageNOW on this problem. A Enter the May 1 balances of each of the accounts in the appropriate balance column of a four-column account Enter May 1 in the date column. Write Balance in the item section, and enter in the Posting Reference column B. Joumalize the transactions for May, starting on Page 20 of the joumal. * 2. Post the joumal to the general lediger 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 3. Prepare an unadjusted trial balance Accounts with zero balances can be left blank 4. At the end of May the following adjustment data were assembled Analyze and use these date to complete (5) and (6) A Inventory on May 31, 5570,000 3. Insurance expired during the year $12,000 C Store supplies on hand on May 31, 54000 D. Depreciation for the current year $14.000 E Acored sanes on lay 31: Sales salaries 57.000 Ono salaries 56.600 Type here to search Calculator apter 5 Comprehensive PR 2 Instructions Reference column B. Joumalize the transactions for May, starting on Page 20 of the journal 2. Post the joumal 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 3. Prepare an unadjusted trial balance Accounts with zero balances can be left blank. 4. At the end of May, the following adjustment data were assembled. Analyze and use these date to complete (5) and (6) A Inventory on May 31, 5570,000 B. Insurance expired during the year, 512,000 C. Store supplies on hand on May 31, 54,000 D. Depreciation for the current year: 514,000 E Accrued salaries on May 31 Sales salaries, 57,000 Office salaries 56.600 Total scored salaries: 513,600 E The adjustment for customer returns and allowance is $60.000 for sales and 535 000 for cost of goods 5. Optionals on your own paper or spreadsheet, enter the unadjusted trial balance on a fo-column end of period spreadsheet (worksheets, and complete the spreadsheet 8. A Joumalize the adjusting entries. Record the adjusting entries on Page 22 of the journal B. Post the adjusting entries Hy Wiert Assignment Scores Type here to search ter 5 Comprehensive PR 2 Calculator Comprehensive Problem 2, Part 1 Chart of Accounts Adje Journal Ledger Unadjusted Trial Balance Instructions Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2018, are as follows: Assume all accounts have normal balances. 110 Cash 112 Accounts receivable 115 Inventory 118 Estimated returns inventory 117 Prepaid insurance 118 Store supplies 123 Store equipment 124 Accumulated depreciation-store equipment 210 Accounts payable 211 Salaries payable 212 Customers refunds payable 310 Common stock 311 Retained eamings 312 Dividends 313 Income summary 410 Sales 510 Cost of goods sold $ 83,000 233,900 624,400 28.000 16,800 11,400 580.500 56,700 95,600 50,000 100.000 585300 135.000 5.080.000 2.525.000 e Type here to search Uldjusted Inal Balance Adjusted Trial Balance Instructions Palisade Creek Co. is a merchandising business that uses the perpetua inventory system. The account balances for Palisade Creek Co. as of May 1, 2018, are as follows: Assume all accounts have normal balances 110 112 115 116 117 $ 83,800 233,000 624,400 118 123 124 210 Cash Accounts receivable Inventory Estimated returns inventory Prepaid insurance Store supplies Store Store equipment Accumulated depreciation-store equipment Accounts payable Salaries payable Customers refunds payable Common stock Retained earnings Dividends 580,500 58.700 08.600 211 212 310 311 312 313 410 510 50,000 100.000 555.300 135,000 Income Summary Sales Cost of goods sold 8.000.000 2.823,000 124 210 wou 50,700 98,800 211 Accumulated depreciation-store equipment Accounts payable Salaries payable Customers refunds payable Common stock Retained earnings Dividends Income summary Sales Cost of goods sold 311 50,000 100,000 585,300 135,000 312 313 410 510 520 521 5.080,000 2,823,000 884,800 281.000 Sales salaries expense Advertising expense Depreciation expense Store supplies expense Miscellaneous selling expense Office salaries expense 12.600 382,100 83,700 Rent expense Insurance expense 532 530 7.800 Miscellaneous administrative expense Check My Work Instructions 522 523 529 530 531 532 539 Depreciation expense Store supplies expense Miscellaneous selling expense Office salaries expense Rent expense Insurance expense Miscellaneous administrative expense 12,800 382,100 83,700 7,800 During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on page 20 of the journal. Refer to the Chart of Accounts for exact wording of account tides May 1 3 Paid rent for May $5,000 Purchased merchandise on account from Martin Co., terms 2/10, 1/30, FOB shipping point, $36.000 Paid freight on purchase of May 3, 5000. Sold merchandise on account to Korman Co. terms 2/10, 1/30, FOB shipping point, 308.500. The cost of the goods sold was 541,000 Received 322 300 cash from Halstad Co. on account Sold merchandise for cash, 554.000 The cost of the goods sold was $32,000 Paid for merchandise purchased on May 3 Paid advertising expense for last half of May. 11.000 10 13 16 structions las May 1 Paid rent for May $5,000. 3 Purchased merchandise on account from Martin Coterms 2/10, 1/30, FOB shipping point, $38,000 4 Paid freight on purchase of May 3, $800. 8 Sold merchandise on account to Korman Co. terms 2/10, 1/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000 7 Received $22,300 cash from Halstad Co. on account 10 Sold merchandise for cash, $54,000. The cost of the goods sold was $32,000. 13 Paid for merchandise purchased on May 3. 15 Paid advertising expense for last half of May, $11,000 18 Received cash from sale of May 6. 19 Purchased merchandise for cash. $18.700 19 Paid $33,450 to Buttons Co on account 20 Paid Korman Co a cash refund of $13.230 for returned merchandise from sale of Maya The invoice amount of the returned merchandise was $13.500 and the cost of the returned merchandise was 58,000 Record the following transactions on page 21 of the journal Refer to the Chart of Accounts for exact wording of account May 20 21 21 21 Sold merchandise on account to Crescent Co., terms 1/10, 1/30, FOB shipping point $110,000. The cost of the goods sold was $70,000 For the convenience of Crescent Co., paid freight on sale of May 20, $2,300 Received 542,000 cash from Gee Co. on account Purchased merchandise on account from Osterman Co., terms 1/10,n/30, FOB destination, $80,000/ Retured of damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000 24 26 Refunded cash on sales made for cash. 37.500. The cost of the merchandise returned was $4.800 28 Paid sales salaries of $58,000 and office salaries of $20,000 20 Purchased store supplies for cash, $2,400 30 Sold merchandise on account to Tumer Co., terms 2/10. n/30, FOB shipping point $78,750. The cost of the goods sold was 547.000 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, Check My Work Assignment Score 6.30% Type here to search Instructions 1. Download the spreadsheet in the Ledger panel and save the Excel file to your computer. Use the spreadsheet to post the May transactions from the joumal to a ledger 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 CengageNOW on this problem. A Enter the May 1 balances of each of the accounts in the appropriate balance column of a four-column account Enter May 1 in the date column. Write Balance in the item section, and enter in the Posting Reference column B. Joumalize the transactions for May, starting on Page 20 of the joumal. * 2. Post the joumal to the general lediger 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 3. Prepare an unadjusted trial balance Accounts with zero balances can be left blank 4. At the end of May the following adjustment data were assembled Analyze and use these date to complete (5) and (6) A Inventory on May 31, 5570,000 3. Insurance expired during the year $12,000 C Store supplies on hand on May 31, 54000 D. Depreciation for the current year $14.000 E Acored sanes on lay 31: Sales salaries 57.000 Ono salaries 56.600 Type here to search Calculator apter 5 Comprehensive PR 2 Instructions Reference column B. Joumalize the transactions for May, starting on Page 20 of the journal 2. Post the joumal 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 3. Prepare an unadjusted trial balance Accounts with zero balances can be left blank. 4. At the end of May, the following adjustment data were assembled. Analyze and use these date to complete (5) and (6) A Inventory on May 31, 5570,000 B. Insurance expired during the year, 512,000 C. Store supplies on hand on May 31, 54,000 D. Depreciation for the current year: 514,000 E Accrued salaries on May 31 Sales salaries, 57,000 Office salaries 56.600 Total scored salaries: 513,600 E The adjustment for customer returns and allowance is $60.000 for sales and 535 000 for cost of goods 5. Optionals on your own paper or spreadsheet, enter the unadjusted trial balance on a fo-column end of period spreadsheet (worksheets, and complete the spreadsheet 8. A Joumalize the adjusting entries. Record the adjusting entries on Page 22 of the journal B. Post the adjusting entries Hy Wiert Assignment Scores Type here to search