Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows:
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 | Customers Refunds Payable | 50,000 |
212 | Salaries Payable | — |
310 | Lynn Tolley, Capital, June 1, 2018 | 685,300 |
311 | Lynn Tolley, Drawing | 135,000 |
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 | 7,800 |
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 titles.
May | 1 | Paid rent for May, $5,000. |
3 | Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB 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 the following transactions on page 21 of the journal. Refer to the Chart of Accounts for exact wording of account titles.
May | 20 | Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise 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. | |
21 | Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. | |
24 | Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. | |
26 | Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. | |
28 | Paid sales salaries of $56,000 and office salaries of $29,000. | |
29 | Purchased store supplies for cash, $2,400. | |
30 | Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000. | |
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. |
Required: | |||||||||||||||||||
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 journal 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.
|
||||||||||||||||||
2. | Post the journal 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. Add the appropriate posting reference to the journal. | ||||||||||||||||||
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 data to complete (5) and (6).
|
||||||||||||||||||
5. | (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. Find a blank end-of-period work sheet in the Excel spreadsheet you previously downloaded. | ||||||||||||||||||
6. |
|
||||||||||||||||||
7. | Prepare an adjusted trial balance. Accounts with zero balances
can be left blank.
|
In the books of Palisade Creek Co. :Date
Date | Account Titles | Debit | Credit |
$ | $ | ||
May 1 | Rent Expense | 5,000 | |
Cash | 5,000 | ||
May 3 | Merchandise Inventory | 35,280 | |
Accounts Payable | 35,280 | ||
May 4 | Merchandise Inventory | 600 | |
Cash | 600 | ||
May 6 | Accounts Receivable | 67,130 | |
Sales | 67,130 | ||
May 6 | Cost of Merchandise Sold | 41,000 | |
Merchandise Inventory | 41,000 | ||
May 7 | Cash | 22,300 | |
Accounts Receivable | 22,300 | ||
May 10 | Cash | 54,000 | |
Sales | 54,000 | ||
May 10 | Cost of Merchandise Sold | 32,000 | |
Merchandise Inventory | 32,000 | ||
May 13 | Accounts Payable | 35,280 | |
Cash | 35,280 | ||
May 15 | Advertising Expense | 11,000 | |
Cash | 11,000 | ||
May 16 | Cash | 67,130 | |
Accounts Receivable | 67,130 | ||
May 19 | Merchandise Inventory | 18,700 | |
Cash | 18,700 | ||
May 19 | Accounts Payable | 33,450 | |
Cash | 33,450 | ||
May 20 | Customer Refunds Payable | 13,230 | |
Cash | 13,230 | ||
May 20 | Merchandise Inventory | 8,000 | |
Estimated Returns Inventory | 8,000 | ||
May 20 | Accounts Receivable | 108,900 | |
Sales | 110,000 | ||
May 20 | Cost of Merchandise Sold | 70,000 | |
Merchandise Inventory | 70,000 | ||
May 21 | Accounts Receivable | 2,300 | |
Cash | 2,300 | ||
May 21 | Cash | 42,900 | |
Accounts Receivable | 42,900 | ||
May 21 | Merchandise Inventory | 87,120 | |
Accounts Payable | 87,120 | ||
May 24 | Accounts Payable | 4,950 | |
Merchandise Inventory | 4,950 | ||
May 26 | Customer Refunds Payable | 7,500 | |
Cash | 7,500 | ||
May 26 | Merchandise Inventory | 4,800 | |
Estimated Returns Inventory | 4,800 | ||
May 28 | Sales Salaries Expense | 56,000 | |
Office Salaries Expense | 29,000 | ||
Cash | 85,000 | ||
May 29 | Store Supplies | 2,400 | |
Cash | 2,400 | ||
May 30 | Accounts Receivable | 77,175 | |
Sales | 77,175 | ||
May 30 | Cost of Merchandise Sold | 47,000 | |
Merchandise Inventory | 47,000 | ||
May 30 | Cash | 111,200 | |
Accounts Receivable | 111,200 | ||
May 31 | Accounts Payable | 82,170 | |
Cash | 82,170 | ||
Adjusting Entries | |||
May 31 | |||
a. | Cost of Merchandise Sold | 13,950 | |
Merchandise Inventory | 13,950 | ||
b. | Insurance Expense | 12,000 | |
Prepaid Insurance | 12,000 | ||
c. | Store Supplies Expense | 9,800 | |
Store Supplies | 9,800 | ||
d. | Depreciation Expense | 14,000 | |
Accumulated Depreciation: Store Equipment | 14,000 | ||
e. | Sales Salaries Expense | 7,000 | |
Office Salaries Expense | 6,600 | ||
Salaries Payable | 13,600 | ||
f. | Estimated Refunds Inventory | 35,000 | |
Cost of Merchandise Sold | 35,000 | ||
g. | Customer Returns and Allowances | 60,000 | |
Customer Refunds Payable | 60,000 |
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances...
PART A: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 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 Customers Refunds Payable 50,000 212 Salaries Payable —...
During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions Refer to the Chart of Accounts for the exact wording of account titles. CHART OF ACCOUNTS Palisade Creek Co. General Ledger ASSETS 110 Cash 112 Accounts Receivable 115 Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 212 Customers Refunds Payable EQUITY 310 Common Stock 311...
Looking to get all the journal entries for the following! and the adjusting journals as well! Thank you! ACCTG 211 Accounting Cycle Project 150 Points Blank Co. is a retail business that uses the perpetual inventory system. The account balances for Blank Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 110 Cash 112 Accounts Receivable 115 Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation- Store Equipment 210...
During May, the last month of the fiscal year, the following transactions were completed: 1. Paid rent for May, $5,000. 3. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB 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 goods sold was $41,000. 7. Received $22,300 cash from Halstad Co. on account. 10. Sold merchandise for...
During May, the last month of the fiscal year, the following transactions were completed: 1. Paid rent for May, $5,000. 3. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB 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 goods sold was $41,000. 7. Received $22,300 cash from Halstad Co. on account. 10. Sold merchandise for...
How do I journalize these transactions and then post them to an unadjusted trial balance? Wallenpaupack Lake Co. is a retail business that uses the perpetual inventory system. The account balances for Wallenpaupack as of May 1, 20Y9 (unless otherwise indicated), are as follows: 110 Cash 112 Accounts Receivable 115 Inventory 116 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...
Please help me with part 7! I provided parts 1-6. (Part 5 is optional I did not add it) Comprehensive Problem 2 Part 1 and Part 2 Palisade Creek Co. is a merchandising business that uses the perpetual inventory system balances for Palisade Creek Co as of May 1, 2019 (unless otherwise indicated), are as follows 110 Cash $63.600 112 Accounts Receivable 233.900 115 Merchandise Inventory 62.400 116 Estimated Returns Inventory 117 Prepaid Insurance 16,800 118 Store Supplies 11.400 123...
Comprehensive Problem 2 May for the May 11,000 15 Parting 20 Paddy Recenbe n cins 21 Cam p 110.000 The 21. Redachfrom Geet 21. Purchased endise on account Omance Refund mechanin ia dedo made for the commerchand de m e for 5.000 p te . The cost of the on Tue Com 30 Red cash from so u thed on May 21 31. Poruchy Instructions 1. Enter the balances of each of the cours in the propri e column of...
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, 2019 Debit Balances Credit Balances Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation—Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries...
Please help me with part #8. I provided parts 1-7. (Part 5 is optional) Comprehensive Problem 2 Part 1 and Part 2 Palisade Creek Co, is a merchandising business that uses the perpetual inventory system. The account balances for Palsade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 116 Estimated Returns Inventory 624,400 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 569,500 123 Store...