I need help with my journal entries. My unadjusted trial balance should be $6,21

Question

I need help with my journal entries. My unadjusted trial balance should be $6,210,625 Palisade Creek Co. is a merchandising business that uses the perpetual inventory syste The account balances for Palisade Creek Co. as of May 1, 2016 (unless otherwise indicates are as follows 110 Cash 5 83,600 233.900 624,400 112 Accounts Receivable 115 Merchandise inventory 116 117 Prepaid insurance 118 Store Supplies 123 Store Equipment 124 210 1 Salaries Payable 212 Customers Refunds Payable 310 Lynn Tolley, Capital, June 1, 2015 311 Lynn Tolley, Drawing Estimated Returns Inventory 16,800 11,400 569,500 56,700 96,600 Accumulated Depreciation-Store Equipment Accounts Payable 50,000 85,300 35,000 312 income Summary 410 Sales 5,069,000 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Store Supplies Expense 529 530 531 64,800 281,000 Miscellaneous Selling Expense Office Salaries Expense Rent Expense 12,600 X2100 83,700 7,800 During May, the last month of the fiscal year, the following transactions were completed May 1. Paid rent for May, $5,000 3. Purchased merchandise on account fronm Martin Co., terms 2/10, n/30, FORB shipping point, $36,000. 4. Paid freight on purchase of May 3, $600. 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. 7. Received $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 half of May, $11,000. 16. 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 May 6. The invoice amount of the returned merchandise was $13,500 and the cost of the returned merchandise was $8,000. Record tbe following transactions on Page 21 of tbe journal: 20. Sold merchandise on account to Crescent Co, terms 1/10, n/30, FOB shipping point, $110,000. The cost of the mercflandise sold was $70,000. 21. For the convenience of Crescent Co. paid freight on sale of May 20, $2,300. 21. Received $42,900 cash from Gee Co. on account (Contin

Explanation / Answer

Ans;

Date Accounts Debit Credit 1-May rent expense        5,000 cash        5,000 3-May Merchandise Inventory      36,000 Accounts payable      36,000 4-May Merchandise Inventory            600 Accounts payable            600 6-May Accounts Receivable      68,500 sales      68,500 6-May Cost of Merchandise Sold      41,000 Merchandise Inventory      41,000 7-May cash      22,300 Accounts Receivable      22,300 10-May cash      54,000 sales      54,000 10-May Cost of Merchandise Sold      32,000 Merchandise Inventory      32,000 13-May Accounts payable      36,000 cash      36,000 15-May Advertising Expense      11,000 cash      11,000 16-May cash      68,500 accounts receivable      68,500 19-May merchandise inventory      18,700 cash      18,700 19-May Accounts payable      33,450 cash      33,450 20-May accounts receivable      13,230 cash      13,230 20-May sales      13,500 account receivable      13,500 20-May merchandise inventory        8,000 Cost of Merchandise Sold        8,000 20-May Accounts Receivable    110,000 sales    110,000 20-May Cost of Merchandise Sold      70,000 Merchandise Inventory      70,000 21-May accounts receivable        2,300 cash        2,300 21-May cash      42,900 account receivable      42,900 21-May Merchandise Inventory      88,000 Accounts payable      88,000 24-May Accounts payable        5,000 sales        5,000 26-May sales        7,500 cash        7,500 26-May Merchandise Inventory        4,800 Cost of Merchandise Sold        4,800 28-May sales salaries expense      56,000 office salaries expense      29,000 cash      85,000 29-May store supplies expense        2,400 cash        2,400 30-May Accounts Receivable      78,750 sales      78,750 30-May Cost of Merchandise Sold      47,000 Merchandise Inventory      47,000 30-May cash    112,300 accounts receivable    112,300 31-May accounts payable      83,000 cash      83,000

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