Question

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 Shore Equipment 569,500 Accumulated Depreciation Store 56,700 Equipment 210 Accounts Payable 95.500 211 Customer Refunds Payable 50,000 212 Salones Payable 310 Lynn Tolley, Capital, June 1, 2018 685300 311 Lynn Tolley, Drawing 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Solares Expense 521 Advertising Expo 22 Depreciations 523 Store Supplies Expense 529 Miscellaneous Seling Expense 12,600 530 Ome Salaries Expo 382,100 531 Rent Expense 33,700 532 Insurance Expense 539 Miscellaneous Administrative Expense 7,800 Part 1: Using the attached spreadsheet, enter the balances of each of the accounts in the appropriate balance column of a four-column count Writerance in the item section, and place a checkmark (V) in the Posting Reference column. Journalize the transactions for May, the last month of the fiscal year, below Part 2: Post the journal to the general ledger you created in Part I, extending the month and balances to the propriate 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

Please help me with part 7! I provided parts 1-6. (Part 5 is optional I did not add it)

Answer 1

7.

Palisade Creek Co.
Adjusted Trial Balance
May 31, 2019
	Debit Balances	Credit Balances
Cash	83600
Accounts receivable	233900
Merchandise inventory ($624400 - $54400)	570000
Estimated returns inventory ($28000 + $35000)	63000
Prepaid insurance ($16800 - $12000)	4800
Store supplies ($11400 - $7400)	4000
Store equipment	569500
Accumulated depreciation-store equipment ($56700 + $14000)		70700
Accounts payable		96600
Customer refunds payable ($50000 + $6000)		56000
Salaries payable		13600
Lynn Tolley, capital		685300
Lynn Tolley, drawing	135000
Sales ($5069000 - $6000)		5063000
Cost of merchandise sold ($2823000 + $54400 - $35000)	2842400
Sales salaries expense ($664800 + $7000)	671800
Advertising expense	281000
Depreciation expense	14000
Store supplies expense	7400
Miscellaneous selling expense	12600
Office salaries expense ($382100 + $6600)	388700
Rent expense	83700
Insurance expense	12000
Miscellaneous administrative expense	7800
	5985200	5985200