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Homework answers / question archive /   Comprehensive Problem 2 Part 1 and Part 2 Palisade Creek Co

  Comprehensive Problem 2 Part 1 and Part 2 Palisade Creek Co

Accounting

 

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 Palisade Creek as of May 1,2018 are as follows. Assume all accounts have normal balances. $83,600 312 Dividends 110 Cash $135,000 112 Accounts Receivable 233,900 313 Income Summary 115 Inventory 624,400 410 Sales 5,069,000 28,000 510 Cost of Goods Sold 116 Estimated Returns Inventory 2,823,000 117 Prepaid Insurance 16,800 520 Sales Salaries Expense 664,800 118 Store supplies 281,000 11,400 521 Advertising Expense 569,500 522 Depreciation Expense 123 Store Equipment 124 Accumulated Depreclation- Store Equipmen 56,700 523 Store Supplies Expense 210 Accounts payable 96,600 529 Miscellaneous Selling Expense 12,600 211 Salaries Payable 530 office Salaries Expense 382,100 83,700 212 Customers Refunds Payable 50,000 53 1 Rent Expense 310 Common Stock 100,000 532 Insurance expense 585,300 539 Miscellaneous Administrative Expense 7,800 311 Retained Earnings Part 1: Journalize the transactions below for May, the last month of the fiscal year. For a compound transaction, if an amount box does not require an entry, leave it blank. Part 2: Uslng the attached spreadsheet, post the joumal 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. May 1 Pald rent for May, $5,000. ption Post. Ref. Debit Cred May 1 Rent Expense 5,000 v Cash v 5,000 May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. Post. Date Description Debit Credit Re May 3 Inve 35,280 Accounts Payable-Martin Co. v 35,280 V May 4: Paid freight on purchase of May 3, $600, Date Description Post, Ref. Debit Credit Inventory v 600 v May 4 600

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