Palisade Creek Co. is a merchandising business that uses the perpetual inventory
ID: 2596185 • Letter: P
Question
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2016 (unless otherwise indicated), are as follows:
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 titles.
Record the following transactions on page 21 of the journal. Refer to the Chart of Accounts for exact wording of account titles.
* Refer to the Chart of Accounts for exact wording of account titles
I need ledger, unadjusted trial babalnce, adjusted trial balance, income statement, statement of owner's equity, balance sheet, and post-closing trial balance.
110 Cash $ 83,600 112 Accounts Receivable 233,900 115 Merchandise 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 96,600 211 Salaries Payable — 212 Customers Refunds Payable 50,000 310 Lynn Tolley, Capital, June 1, 2015 685,300 311 Lynn Tolley, Drawing 135,000 312 Income Summary — 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Salaries Expense 664,800 521 Advertising Expense 281,000 522 Depreciation Expense — 523 Store Supplies Expense — 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532 Insurance Expense — 539 Miscellaneous Administrative Expense 7,800Explanation / Answer
BALANCE SHEET
$
$
NON CURRENT ASSETS
EQUIPMENT
569500
ACC DEP
-70700
498800
SUBTOTAL
CURRENT ASSETS
INVENTORY
574000
PRE PAIS INSU
4800
ACC REC
333250
CASH
84500
996550
TOTAL ASSETS
1001538
CURRENT LIAB
ACC PAY
63150
REFINDS PAY
50000
SALARY PAY
13600
126750
CAPITAL
685300
DRAWINGS
-135000
RETAINED EARNINGS
717100
1267400
1394150
INCOME STATEMENT
$
$
SALES
5359250
COS
3015100
GP
2344150
EXPENSES
INSURANCE
12000
DIS ALL
650
RENT
88700
OFFICE SALARIES
417700
SALES SALARIES
727800
DEP
14000
ADVT
292000
FREIGHT
600
SUPPLIES
54400
MISC EXP
7800
STORE SUPP
11400
1627050
NET INCOME
717100
110
Cash
83,600
0
112
Accounts Receivable
233,900
0
115
Merchandise Inventory
624,400
0
116
Estimated Returns Inventory
0
28,000
117
Prepaid Insurance
16,800
0
118
Store Supplies
11,400
0
123
Store Equipment
569,500
0
124
Acc Depreciation-St pment
0
56700
210
Accounts Payable
0
96,600
211
Salaries Payable
0
0
212
Customers Refunds Payable
0
50,000
310
Lynn Tolley, Capital, 1 6 2015
0
685,300
311
Lynn Tolley, Drawing
135,000
0
312
Income Summary
0
0
410
Sales
0
5,069,000
510
Cost of Merchandise Sold
2,823,000
0
520
Sales Salaries Expense
664,800
0
521
Advertising Expense
281,000
0
522
Depreciation Expense
0
0
523
Store Supplies Expense
0
0
529
Miscellaneous Selling Expense
12,600
0
530
Office Salaries Expense
382,100
0
531
Rent Expense
83,700
0
532
Insurance Expense
0
0
539
MiscAdministrative Expense
7,800
0
5,929,600
5,985,600
BALANCE SHEET
$
$
NON CURRENT ASSETS
EQUIPMENT
569500
ACC DEP
-70700
498800
SUBTOTAL
CURRENT ASSETS
INVENTORY
574000
PRE PAIS INSU
4800
ACC REC
333250
CASH
84500
996550
TOTAL ASSETS
1001538
CURRENT LIAB
ACC PAY
63150
REFINDS PAY
50000
SALARY PAY
13600
126750
CAPITAL
685300
DRAWINGS
-135000
RETAINED EARNINGS
717100
1267400
1394150
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