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Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 2016 (unless otherwise indicated), are as follows. Assume all accounts have normal balances 110 Cash $53,600 233,900 112 Accounts Receivable 115 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 Depreciation-Store Equipment 56,700 210 Accounts Payable 95,600 211 Salaries Payable 212 Customers Refunds Payable 310 Common Stock 311 Retained Earnings 312 Dividends 410 Sales 510 Cost of Goods 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 below for May, the last month of the fiscal year. If an amount box does not require an entry, leave it blank. May 1: Paid rent for May, $5,000. Description Date May 1 Rent Expense Cash 50,000 100,000 585,300 $135,000 5,069,000 2,823,000 664,800 281,000 V Post. Ref. 12,600 382,100 83,700 Debit 5,000 ✓ Credit 5,000 ✓ 4

Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 2016 (unless otherwise indicated), are as follows. Assume all accounts have normal balances 110 Cash $53,600 233,900 112 Accounts Receivable 115 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 Depreciation-Store Equipment 56,700 210 Accounts Payable 95,600 211 Salaries Payable 212 Customers Refunds Payable 310 Common Stock 311 Retained Earnings 312 Dividends 410 Sales 510 Cost of Goods 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 below for May, the last month of the fiscal year. If an amount box does not require an entry, leave it blank. May 1: Paid rent for May, $5,000. Description Date May 1 Rent Expense Cash 50,000 100,000 585,300 $135,000 5,069,000 2,823,000 664,800 281,000 V Post. Ref. 12,600 382,100 83,700 Debit 5,000 ✓ Credit 5,000 ✓ 4

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter22: End-of-fiscal-period Work For A Corporation
Section22.1: Preparing Adjusting Entries
Problem 1OYO
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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, 20Y6 Cash Accounts Receivable Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Salaries Payable Customers Refunds Payable Common Stock Retained Earnings Dividends Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Debit Balances 0 0 0 0 0 0 X 0 0 X 0 0 X 0 0 X X X Credit Balances 0 0 0 0 0 0 0 0 X 0 0 X 0 0 0 E 19 R My account | Roku... 2019 RENTALS SCR... Email Instructor Save and Exit 3 Previous Submit Assignme (C
Transcribed Image Text: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, 20Y6 Cash Accounts Receivable Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Salaries Payable Customers Refunds Payable Common Stock Retained Earnings Dividends Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Debit Balances 0 0 0 0 0 0 X 0 0 X 0 0 X 0 0 X X X Credit Balances 0 0 0 0 0 0 0 0 X 0 0 X 0 0 0 E 19 R My account | Roku... 2019 RENTALS SCR... Email Instructor Save and Exit 3 Previous Submit Assignme (C
Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows. Assume all accounts have normal balances. 110 Cash 112 Accounts Receivable $83,600 233,900 115 Inventory 524,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 95,600 211 Salaries Payable 212 Customers Refunds Payable 310 Common Stock 311 Retained Earnings 312 Dividends 410 Sales 510 Cost of Goods 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 7,800 539 Miscellaneous Administrative Expense Part 1: Journalize the transactions below for May, the last month of the fiscal year. If an amount box does not require an entry, leave it blank. May 1: Paid rent for May, $5,000. Description Date May 1 Rent Expense Cash 50,000 100,000 585,300 $135,000 5,069,000 2,823,000 Post. Ref. 664,800 281,000 12,600 382,100 83,700 Debit 5,000 Credit 5,000
Transcribed Image Text:Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows. Assume all accounts have normal balances. 110 Cash 112 Accounts Receivable $83,600 233,900 115 Inventory 524,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 95,600 211 Salaries Payable 212 Customers Refunds Payable 310 Common Stock 311 Retained Earnings 312 Dividends 410 Sales 510 Cost of Goods 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 7,800 539 Miscellaneous Administrative Expense Part 1: Journalize the transactions below for May, the last month of the fiscal year. If an amount box does not require an entry, leave it blank. May 1: Paid rent for May, $5,000. Description Date May 1 Rent Expense Cash 50,000 100,000 585,300 $135,000 5,069,000 2,823,000 Post. Ref. 664,800 281,000 12,600 382,100 83,700 Debit 5,000 Credit 5,000
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