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Homework answers / question archive / Comprehensiva Problem 2 Part 1 and Part 2 Pollsade Creek Co

Comprehensiva Problem 2 Part 1 and Part 2 Pollsade Creek Co

Accounting

Comprehensiva Problem 2 Part 1 and Part 2 Pollsade Creek Co. is a retall business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 2016 (untess otherwise Indicated), are as follows. Assume all accounts have normal balances. 110 Cash 583,600 312 Dividends $135,000 112 Accounts Recelvable 233,900 410 Sales 5,069,000 115 Inventory 624,400 510 Cost of Goods Sold 2,823,000 116 Estimated Returns Inventory 28,000 520 Sales Salaries Expense 664,800 117 Prepaid Insurance 16,800 521 Advertising Expense 281,000 11B Store Supplies 11,400 522 Depreciation Expense 123 Store Equipment 569,500 523 Store Supplies Expense 124 Accumulated Depreciation --Store Equipment 56,700 529 Miscellaneous Selling Expense 12,600 210 Accounts Payable 96,600 530 Office Salaries Expense 382,100 211 Salaries Payable 531 Rent Expense 83,700 212 Customers Refunds Payable 50,000 532 Insurance Expense 310 Cormon Stock 100,000 539 Miscellaneous Administrative Expense 7,800 311 Retained Earnings 585,300 539 Part 1: Journalize the transactions below for May, the last month of the fiscal year. Ir an amount box does not require an entry, leave it blank
May 3: Purchased merchandise on account from Martin Co., terms 2/10, 1/30, FOB shipping point, $36,000 Post Data Description Dabit Credit Ref. Moys Inventory Accounts Payable Martin Co. May 4: Pald freight on purchase of May 3, 5600 Date Description Post. Ref. Debit May 4 Inventory Credit X Cash May 6: Sold merchandise on account to Korman Co., terms 2/10, 1/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000. Date Description Post. Ref. Debit Credit May 6-Sales Accounts Receivable-Norman Co. Sales ? ? May 6-Cost Cost of Goods Sold 41,000
May 13: Paid for merchandise purchased on May 3. Data Description Post Ref. Debit Credit May ta Accounts Payable-Martin Co. Cash May 15: Pald advertising expense for last half of May, $11,000. Date Description Post. Ref. Debit Credit May 15 Advertising Expense 11,000 Cash 11,000 May 16: Received cash from sale of May 6. Date Description Post. Ref. Debit Credit ? May 16 Cash Accounts Receivable-korman Co. ?
May 20: Sold merchandise on account to Crescent Co., terms 1/10, 1/30, FOB shipping point, $110,000. The cost of the goods sold was $70,000 Date Description Post Rat Debit Credit May 20-5s Accounts Recalvable-Crescent Co. Sales E May 20-Cost Cost of Goods Sold 70,000 Inventory ? 70,000
May 21: Purchased merchandise on account from Osterman Co., terms 1/10, 1/30, FOB destination, $88,000. Description Date Post Rat. Credit Dabtt May 21 Inventory Accounts Payable-Osterman Co. May 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. Post. Description Date Credit Debit Ref. May 24 Accounts Payable-Osterman Co. ? Inventory ?
May 30: Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the goods sold was $47,000 Post Date Description Dabit Credit Ral. May 30 Sales Accounts Receivable-Turner Co. Sales ? May 30-Cost Cost of Goods Sold 47,000 Inventory 47,000 May 30: Received cash from sale of May 20 plus freight paid on May 21. Date Description Post. Ref. Debit Credit May 30 Cash ? Accounts Receivable-Crescent Co. ?
May 31: Paid for purchase of May 21, less return of May 24. Post. Ref. Debit Credit Date Description May 31 Accounts Payable-Osterman Co. Cash Part 2: Using the attached spreadsheet, post the journal entries from Part 1 to the general ledger. Extend 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.

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