Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows. Assume all accounts have normal balances. 110 Cash $83,600 312 Dividends $135,000 112 Accounts Receivable 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 281,000 118 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 Common Stock 100,000 539 Miscellaneous Administrative Expense 7,800 311 Retained Earnings 585,300 539 Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows. Assume all accounts have normal balances.

110	Cash	$83,600	312	Dividends	$135,000
112	Accounts Receivable	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
118	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	Common Stock	100,000	539	Miscellaneous Administrative Expense	7,800
311	Retained Earnings	585,300	539

Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank.

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