Question Palisade Creek Co. is a merchandising business that uses the perpetual

Question

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.

Paid for purchase of May 21, less return of May 24.

1. Prepare an unadjusted 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 Common Stock 100,000 311 Retained Earnings 585,300 312 Dividends 135,000 313 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 7,800

Explanation / Answer

Date Jurnal name Dr. Amount Cr. Amount 05.1.2016 Rent Expense A/c 5000 ` Cash Account 5000 05.03.2016 Merchandise Inventory / Purchases A/c 36000 Accounts Payable / Martin co. 36000 05.04.2016 Freight Inwards A/c 600 Cash Account 600 05.06.2016 Accounts receivable A/c / korman Co. 68500 Sales A/c 68500 05.06.2016 Cost of merchandise sold A/c 41000 Mechandise inventory 41000 05.07.2016 Cash A/c Dr. 22300 Account Receivable A/c / Hastald Co. 22300 05.10.2016 Cash A/c 54000 Sales A/c 54000 Cost of merchandise sold 32000 Merchandise Inventory 32000 05.13.2016 Accounts Payable A/c / Martin Co. 36000 Cash 35280 Discount received 720 05.15.2016 Advertising Expense 11000 Cash A/c 11000 05.16.2016 Cash A/c 67130 Discount Given a/c 1370 Account Receivable A/c / Korman Co. 68500 05.19.2016 Merchandise Inventory A/c Dr. 18700 Cash A/c 18700 05.19.2016 Accounts Payable (Buttons Co.) 33450 Cash A/c 33450 05.20.2016 Sales A/c 13500 Cash A/c 13230 Discount Given A/c 270 Merchandise Inventory A/c 8000 Cost of merchandise sold 8000 05.20.2016 Acount Receivable A/c / Crescent Co. 110000 Sales Account 110000 Cost of merchandise sold 70000 Merchandise Inventory 70000 05.21.2016 Account receivable / Crescent Co. 2300 Cash 2300 05.21.2016 Cash A/c 42900 Account receivable / Gee Co. 42900 05.21.2016 Merchandise Inventory A/c 88000 Acount payable / Osterman & co. 88000 05.24.2016 Account Payable 5000 Merchandise Inventory 5000 05.26.2016 Sales A/c 7500 Cash A/c 7500 Merchandise Inventory 4800 Cost of merchandise sold 4800 05.28.2016 Sales Salaries A/c 56000 Office Salaries A/c 29000 Cash A/c 85000 05.29.2016 Store Supplies 2400 Cash 2400 05.30.2016 Account receivable / turner A/c 78750 Sales A/c 78750 Cost of merchandise sold 47000 Merhandise Inventory 47000 05.30.2016 Cash A/c 111200 Discount given A/c 1100 Acount receivable / Crescent Co. 112300 05.31.2016 Account payable / osterman 83000 Cash 830 Discount received 82170

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.