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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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110 Cash $83,600
112 Accounts Receivable 233,900
115 Merchandise Inventory 652,400
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 Customer Refunds Payable 50,000
212 Salaries Payable
310 Lynn Tolley, Capital, June 1, 20Y6 685,300
311 Lynn Tolley, Drawing 135,000
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

Part 1: Using the attached spreadsheet, 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 1, extending 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.

If an amount box does not require an entry, leave it blank.

May 1: Paid rent for May, $5,000.

Description Post. Ref. Debit Credit
Rent Expense    fill in the blank 2 fill in the blank 3
Cash    fill in the blank 5 fill in the blank 6



May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000.

Description Post. Ref. Debit Credit
Merchandise Inventory    fill in the blank 8 fill in the blank 9
Accounts Payable-Martin Co.    fill in the blank 11 fill in the blank 12



May 4: Paid freight on purchase of May 3, $600.

Description Post. Ref. Debit Credit
Merchandise Inventory    fill in the blank 14 fill in the blank 15
Cash    fill in the blank 17 fill in the blank 18



May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000.

Description Post. Ref. Debit Credit
Accounts Receivable-Korman Co.    fill in the blank 20 fill in the blank 21
Sales    fill in the blank 23 fill in the blank 24
Cost of Merchandise Sold    fill in the blank 26 fill in the blank 27
Merchandise Inventory    fill in the blank 29 fill in the blank 30



May 7: Received $22,300 cash from Halstad Co. on account.

Description Post. Ref. Debit Credit
Cash    fill in the blank 32 fill in the blank 33
Accounts Receivable-Halstad Co.    fill in the blank 35 fill in the blank 36



May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000.

Description Post. Ref. Debit Credit
Cash    fill in the blank 38 fill in the blank 39
Sales    fill in the blank 41 fill in the blank 42
Cost of Merchandise Sold    fill in the blank 44 fill in the blank 45
Merchandise Inventory    fill in the blank 47 fill in the blank 48



May 13: Paid for merchandise purchased on May 3.

Description Post. Ref. Debit Credit
Accounts Payable-Martin Co.    fill in the blank 50 fill in the blank 51
Cash    fill in the blank 53 fill in the blank 54



May 15: Paid advertising expense for last half of May, $11,000.

Description Post. Ref. Debit Credit
Advertising Expense    fill in the blank 56 fill in the blank 57
Cash    fill in the blank 59 fill in the blank 60



May 16: Received cash from sale of May 6.

Description Post. Ref. Debit Credit
Cash    fill in the blank 62 fill in the blank 63
Accounts Receivable-Korman Co.    fill in the blank 65 fill in the blank 66



May 19: Purchased merchandise for cash, $18,700.

Description Post. Ref. Debit Credit
Merchandise Inventory    fill in the blank 68 fill in the blank 69
Cash    fill in the blank 71 fill in the blank 72



May 19: Paid $33,450 to Buttons Co. on account.

Description Post. Ref. Debit Credit
Accounts Payable-Buttons Co.    fill in the blank 74 fill in the blank 75
Cash    fill in the blank 77 fill in the blank 78



May 20: Paid Korman Co. a cash refund of $5,000 for damaged merchandise from sale of May 6. Korman Co. kept the merchandise.

Description Post. Ref. Debit Credit
Customer Refund Payable    fill in the blank 80 fill in the blank 81
Cash    fill in the blank 83 fill in the blank 84

There was more info for up above but I ran out of characters and honestly I have no idea how to ask questions on here.

I got all of the answers correct for the questions above. Now I need to figure out how to do an unadjusted trail balance and I keep getting numbers incorrect.



 

 

Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank.
Palisade Creek Co.
Unadjusted Trial Balance
May 31, 20Y7
Debit Balances
Credit Balances
Cash
84,500 x
Accounts Receivable
245,875
Merchandise Inventory
583,950 x
Prepaid Insurance
16,800
Store Supplies
13,800
Store Equipment
569,500 V
Accumulated Depreciation-Store Equipment
56,700
Accounts Payable
63,150
Customer Refunds Payable
29,270 x
Salaries Payable
Lynn Tolley, Capital
Lynn Tolley, Drawing
Sales
5,376,205 V
Transcribed Image Text:Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank. Palisade Creek Co. Unadjusted Trial Balance May 31, 20Y7 Debit Balances Credit Balances Cash 84,500 x Accounts Receivable 245,875 Merchandise Inventory 583,950 x Prepaid Insurance 16,800 Store Supplies 13,800 Store Equipment 569,500 V Accumulated Depreciation-Store Equipment 56,700 Accounts Payable 63,150 Customer Refunds Payable 29,270 x Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales 5,376,205 V
Sales
5,376,205
Cost of Merchandise Sold
3,013,000 v
Sales Salaries Expense
720,800
Advertising Expense
292,000 V
Depreciation Expense
Store Supplies Expense
Miscellaneous Selling Expense
12,600
Office Salaries Expense
382,100 x
Rent Expense
83,700 x
Insurance Expense
Miscellaneous Administrative Expense
7,800 V
Transcribed Image Text:Sales 5,376,205 Cost of Merchandise Sold 3,013,000 v Sales Salaries Expense 720,800 Advertising Expense 292,000 V Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense 12,600 Office Salaries Expense 382,100 x Rent Expense 83,700 x Insurance Expense Miscellaneous Administrative Expense 7,800 V
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